Grosvenor Americas (Grosvenor), a property development and investment company, has announced it provided $1.85 million in financing for Slade Townhomes, a residential property located in Old Town Alexandria.
The luxury townhouse property will be developed by Washington D.C.-based Northfield.
Located on the corner of North Henry and Pendleton streets, the eighteen four-story townhomes are minutes from the vibrant retail, entertainment and dining scene of Old Town. Northfield will be developing spacious residences, including grand rooftop decks, high-end finishes and multiple parking spaces per home.
“We are pleased to partner with Northfield in providing development financing on this quality residential asset in this highly desired area,” said Scott Brody, Senior Vice President at Grosvenor Americas.
“Northfield prides itself in bringing the highest quality to the Washington Metropolitan Area’s – and especially neighborhoods like Old Town Alexandria— which is demonstrated in every detail of our developments,” said Northfield President and Founder, Nathan Hamman “Slade reflects our commitment to the continued improvement of this historic neighborhood.”
Old Town Alexandria is one of the most historic and sought-after neighborhoods in the DC Metro area. This urban enclave continues to attract the best in dining, one-of-a-kind shops and entertainment, all in immediate vicinity of the waterfront with easy access to public transportation, including the Braddock Road and King Street metro stations and the free King Street Trolley.
The Slade Townhomes development is valued at approximately $19 million. Northfield additionally obtained a construction loan of $13 million from John Marshall Bank.
The project is expected to be completed in June 2018.
Grosvenor’s Structured Development Financing program has invested in more than 50 projects to date and is active in Washington, D.C., San Francisco, Los Angeles, Seattle and Vancouver. It provides flexible equity financing to residential and mixed-use developers, and offers access to Grosvenor’s diverse real estate expertise.
For more information contact:
CEO Chase Communications
+1 202 997 8677
Director of Marketing & Communications, Grosvenor Americas
+1 604 640 3535
Notes to Editors
Grosvenor Group has 17 offices in 11 countries and assets in 16 countries. The Group has regional investment and development businesses in Britain and Ireland, the Americas, and Asia Pacific. The Group’s international fund management business operates across all these markets and Continental Europe. It also has indirect investments, managed centrally.
Unusually for a private company, Grosvenor publishes a detailed reporting suite - Annual Review, Financial Statements and a Non-Financial Data Report – all available at: www.grosvenor.com @GrosvenorGRP
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 particular 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 2015, Grosvenor Americas had assets under management of $2.7B USD. www.grosvenor.com @GrosvenorAmer
Founded in 2007, Northfield is a real estate development company and builder dedicated to improving the communities and lives of the people who live and work in the DC Metro area. Specializing in urban infill and adaptive reuse projects, Northfield has developed a wide range of projects including historical condo conversions, single family infill, and new townhouse and multi-family communities. With an emphasis on identifying underutilized sites and developing new residential and mixed-use projects in transited-oriented and walkable communities, Northfield's current primary focus is on developing luxury ground-up residential projects between 15 and 50 units.