Structured Development Finance Program Focuses on Well-Connected Sites
Grosvenor recently committed a loan of $17.5 million for Dividend Homes’ Maravilla, a development of 55 townhomes which will commence this month with delivery slated for July 2021.
MOUNTAIN VIEW, CA—Since its launch in 2015, Grosvenor Americas’ structured development finance program has invested more than $480 million in some 70 projects, and is active in Washington, DC, San Francisco, Los Angeles, Seattle and Vancouver. The program is invested in several residential projects across Northern and Southern California with a focus on well-connected locations, providing flexible financing to residential and mixed-use developers.
One of those projects is Maravilla, which is being developed by Dividend Homes, a boutique residential developer known for delivering homes in carefully planned neighborhoods across California.
“Dividend Homes is one of the top Bay Area home builders that we seek to align our co-investment portfolio with because like us, they seek desirable, accessible locations for high-quality neighborhoods,” said Mark Darley, senior vice president, co-investment at Grosvenor Americas, tells GlobeSt.com. “With our existing residential development experience in the South Bay, we have confidence in the success of Maravilla, and we appreciate Dividend’s integrity and track record.”
The Grosvenor team recently committed a loan of $17.5 million for Maravilla. Construction on its 55 townhomes will commence this month and delivery is slated for July 2021.
“Maravilla aligns well with our strategy of investing in well-located residential projects with reputable developers that share a mutual commitment to quality and integrity,” said Darley.
Situated 10 miles north of San Jose and 35 miles south of San Francisco, Maravilla is located just one mile from the Google corporate headquarters and near other notable technology companies including Amazon, Facebook and Apple. Mountain View provides easy access to major interstates and local freeways including US Highway 101, and the Caltrain commuter rail connecting commuters and travelers to the transit route from San Francisco to San Jose.
“Grosvenor Americas’ financial stability and extensive property experience across North America is a great benefit to our team,” said Josh Vrotsos, director of acquisitions at Dividend Homes. “We pride ourselves on creating value and long-term enjoyment for our homeowners and these values are just as important to Grosvenor. We are eager to start development and sales at Maravilla which will contribute to our joint success.”
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