(To read more on the multifamily market, click here.)

VANCOUVER, BC-Grosvenor is expanding its mezzanine finance division. The locally headquartered real estate arm of the Grosvenor family says it wants to build its mezzanine finance operation from $40 million to $150 million over the next few years.

Mezzanine finance loans bridge the gap between a developer’s equity, loans from the bank, and the funding needed to enter into a project. Grosvenor’s expanded effort in this arena will focus on residential developments in San Francisco, Seattle and Vancouver, BC.

Heading up the push is James Delmotte, the company’s vice president of investments. Delmotte also be in charge of an apartment acquisitions group in the same markets. Delmotte takes over from recently retired Daniel Walsh, who previously managed residential investments and developments for Grosvenor in North America.

Delmotte says he is in the midst of recruiting an expert in mezzanine financing to help grow the business in Vancouver, and will next look to a new appointment in San Francisco as he works on creating a specialist group for that market as well. “In taking Grosvenor’s mezzanine finance business to the next level, we’ll be looking at lending money to medium sized developers with established track records and a reputation for delivering first class products,” Delmotte says.

Delmotte also is charged with expanding Grosvenor’s apartment portfolio. The acquisition push follows a successful approach in Seattle wherein the company has been renovating older apartment complexes.

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