Grosvenor Americas (Grosvenor), the international property development and investment business, today announced it has provided financing for the residential developments at 815 Tennessee Street and 2290 3rd Street, San Francisco.
This marks the start of a new relationship between Grosvenor and DM Development, whose proposed project at 815 Tennessee Street of 69 residential condominiums - 59 market rate and 10 below market rate - will include one-, two- and three-bedroom homes with an average size of 832 square feet. The property is immediately accessible to public transportation and will offer parking.
Nearby, the 71 apartments at 2290 3rd Street will include studio, one-, and two- bedroom homes plus loft units, with an average size of 679 square feet. The property will include 1,025 square feet of retail space.
Both projects will break ground at the end of the year and will complete mid-2017.
Grosvenor has specialist expertise in Structured Development Financing, and has financed more than 50 projects to date. Commenting on today’s announcement, Mark Darley, Senior Vice President of Grosvenor Americas, said: “We have significantly expanded our Structured Development Financing program to an established and growing portfolio of leading developers in all of our key markets – which is proving to be an attractive alternative to traditional development loans. Part of the program’s success is our ability to respond very quickly to a developer’s immediate needs.”
Located in the amenity-rich Dogpatch Neighborhood - awarded historic district designation in 2003 - 815 Tennessee Street and 2290 3rd Street were acquired in March and April respectively by DM Development. The firm’s San Francisco residential projects currently under development include: 8 Octavia (47 units), 400 Grove (34 units), 450 Hayes (41 units), Parcel T (26 units) and 311 Grove (8 units).
“Grosvenor tailored the financing structure to suit our needs and offered us the ultimate flexibility we were seeking,” added Mark MacDonald of DM Development. “As an experienced developer they understand what makes projects successful. We are pleased to be working with them on two new significant development projects in the vibrant Dogpatch neighborhood as we bring much needed housing to a highly desirable part of the City.”
Grosvenor’s Structured Development Financing program is focused on the North American markets of Washington, DC, San Francisco, Los Angeles, Seattle, Vancouver and Calgary. It provides flexible debt financing to residential and mixed-use developers, as well as offering access to Grosvenor’s diverse real estate expertise.
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Notes to Editors
Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the USA through focused, strategic expansion. Grosvenor Americas uses their knowledge of the cities they work in and their property skills to develop projects that contribute to the vibrancy of those communities. The company currently operates in Washington, DC, Seattle, San Francisco, Los Angeles, Vancouver and Calgary and has specific interest in retail, residential condominiums and apartments, and mixed-use sectors. As at 31 December 2014 Grosvenor Americas had assets under management of $3.0B CND.
DM Development is a real estate development and investment firm based in San Francisco. DM Development sets new standards for residential development by creating and investing in projects that combine bold architectural design with progressive sustainability features to enrich communities and redefine modern living.