James Delmotte, Chief Co-Investment Officer, Grosvenor Americas today announced the formation of a new Mezzanine Investment Partnership, True North LP.
True North LP is a partnership between Grosvenor Americas (Grosvenor), Kingswood Capital and Nicola Crosby Wealth Management. The new partnership has committed C$165m to invest in Grosvenor’s Structured Development Finance Program, which provides flexible debt financing to residential and mixed-use developers across GA’s markets. With today’s closing, True North LP will be invested in 7 mezzanine loans totalling C$113m in loan commitments and representing C$550m in development project value.
The 7 condominium projects are:
Belpark (Vancouver) 153 homes
Gilmore (Vancouver) 340 homes
820 Mission (Los Angeles) 38 homes
Elysium (Washington DC) 32 homes
Parcel O (Washington DC) 140 homes
815 Tennessee (below) (San Francisco) 69 homes
2290 Third Street (San Francisco) 71 rental homes
The formation of this partnership will enable Grosvenor to quadruple its mezzanine lending activities and expand its reach across all our markets. It will also provide significant new annual management fees for the company.
For more information contact:
+1 604 640 3535
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 and attractiveness of those communities. With a specific interest in retail, residential condominiums and apartments, and mixed-use sectors, the Company currently operates in Washington, D.C., Seattle, San Francisco, Los Angeles, Vancouver and Calgary. As at 31 December 2014, Grosvenor Americas had assets under management of $2.3B USD.
Kingswood Capital Corporation and its group of related companies (The Kingswood Group / Kingswood) is a Vancouver based conglomerate active in a variety of businesses including real estate investment and development, manufacturing, financing, and television. The Kingswood Group is a private group of corporations with its principal shareholders being the Segal family of Vancouver. The President of Kingswood Capital Corporation is Joseph Segal, a well-known and respected Vancouver businessman, and Philanthropist. He is the recipient of the Order of Canada, Order of British Columbia, and the 2005 Variety Club International Humanitarian Award.
Nicola Crosby Wealth Management
Nicola Crosby Real Estate, a subsidiary of Nicola Wealth Management based in Vancouver, BC, is a real estate asset management company that acquires and manages properties for the SPIRE Real Estate Portfolios.