15 January 2020
Grosvenor Americas commits $17.5M for Dividend Homes’ Maravilla in Mountain View
Grosvenor Americas (Grosvenor), part of the Grosvenor Group, one of the largest privately-owned international property companies, today announced the firm’s Structured Development Finance team committed a loan of $17.5M for Dividend Homes’ Maravilla, a development of 55 townhomes in Mountain View, CA.
Maravilla continues the progression of Grosvenor’s Structured Development Finance program which launched in 2015. The program is invested in several residential projects across Northern and Southern California, including Intracorp’s Amplifi, a 290-unit rental project located in Fullerton, and three other townhome projects developed by Intracorp in Irvine.
Since inception, Grosvenor’s Structured Development Finance Program has invested more than US $480M in over 70 projects and is active in Washington, D.C., San Francisco, Los Angeles, Seattle and Vancouver. It provides flexible financing to residential and mixed-use developers, with a focus on vibrant, well-connected locations.
Maravilla will be developed by Dividend Homes, a boutique residential developer known for delivering high-quality homes in carefully planned and thoughtfully designed neighborhoods across California. Construction on the 55 townhomes will commence this month and delivery is slated for July 2021.
Situated in the heart of Silicon Valley, 10 miles north of San Jose and 35 miles south of San Francisco, Maravilla is conveniently located just one mile from the Google corporate headquarters and other notable technology companies nearby include Amazon, Facebook, and Apple.
Mountain View provides easy access to major interstates and local freeways including state route 101, and the Caltrain commuter rail connects commuters and travelers to the transit route from San Francisco to San Jose.
“We are excited to be investing with Dividend Homes, a highly experienced home builder with a fantastic track record across the Bay Area,” said Mark Darley, Senior Vice-President, Co-Investment at Grosvenor Americas. “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.”
“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.”
About Grosvenor Americas.
Grosvenor Americas is an active developer and investor in several high-quality cities across the U.S. and Canada. Our strategy is to invest in vibrant urban locations where our activities can make a positive contribution to neighborhoods and communities.
Our active development pipeline focuses on projects in urban, transit-oriented and/or amenity-rich neighborhoods and includes current projects such as Crescent in San Francisco, The Pacific in downtown Vancouver, and Eckington Yards in Washington, D.C. We are also advancing larger multi-year projects in San Francisco, West Silicon Valley and Vancouver. Our Investment program adds value to residential, commercial and retail assets while also managing a portfolio of stable, high-quality properties across North America. Our Structured Development Finance business provides funds for much-needed residential development projects in our high growth markets.
We are part of Grosvenor Group, a privately owned international property company. With a track record of more than 340 years, the Group develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.
As of December 31, 2019, Grosvenor Americas had assets under management of US$3.9bn.
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