Maravilla Maravilla islocated just one mile from the Google corporate headquarters(credit: Grosvenor).

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MOUNTAIN VIEW, CA—Since its launch in 2015, Grosvenor Americas'structured development finance program has invested more than $480million in some 70 projects, and is active in Washington, DC, SanFrancisco, Los Angeles, Seattle and Vancouver. The program isinvested in several residential projects across Northern andSouthern California with a focus on well-connected locations,providing flexible financing to residential and mixed-usedevelopers.

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One of those projects is Maravilla, which is being developed byDividend Homes, a boutique residential developer known fordelivering homes in carefully planned neighborhoods acrossCalifornia.

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"Dividend Homes is one of the top Bay Area home builders that weseek to align our co-investment portfolio with because like us,they seek desirable, accessible locations for high-qualityneighborhoods," said Mark Darley, senior vice president,co-investment at Grosvenor Americas, tells GlobeSt.com. "With ourexisting residential development experience in the South Bay, wehave confidence in the success of Maravilla, and we appreciateDividend's integrity and track record."

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The Grosvenor team recently committed a loan of $17.5 millionfor Maravilla. Construction on its 55 townhomes will commence thismonth and delivery is slated for July 2021.

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"Maravilla aligns well with our strategy of investing inwell-located residential projects with reputable developers thatshare a mutual commitment to quality and integrity," saidDarley.

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Situated 10 miles north of San Jose and 35 miles south of SanFrancisco, Maravilla is located just one mile from the Googlecorporate headquarters and near other notable technology companiesincluding Amazon, Facebook and Apple. Mountain View provides easyaccess to major interstates and local freeways including US Highway101, and the Caltrain commuter rail connecting commuters andtravelers to the transit route from San Francisco to San Jose.

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"Grosvenor Americas' financial stability and extensive propertyexperience across North America is a great benefit to our team,"said Josh Vrotsos, director of acquisitions at Dividend Homes. "Wepride ourselves on creating value and long-term enjoyment for ourhomeowners and these values are just as important to Grosvenor. Weare eager to start development and sales at Maravilla which willcontribute to our joint success."

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Hipsturbia, the live-work-play districts that spurred 24-hourdowntowns in the 1990s, has spread to many suburban communitiesthat are seeking to become hip destinations or hipsturbs of theirown right. The key to success: transit access, walkability, andabundant retail, restaurant and recreation options, according toULI's latest Emerging Trends report.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.