Grosvenor Americas (Grosvenor), a privately owned property development and investment company, announced today that its Structured Development Finance Program has provided $6.8 million for Madison Homes’ Grosvenor Place, a residential townhome community in North Bethesda, Maryland.
Groundbreaking of Grosvenor Place will begin in November and sales on the 46 townhomes is expected to start in mid-2019 with first delivery in Q3 2019. The four-story townhomes will offer three- and four-bedroom floorplans, featuring finished lofts on the top floor, as well as private rooftop terraces.
Situated a quarter of a mile from Rockville Pike and within half a mile walk to the Grosvenor-Strathmore Metro station (Red Line), Grosvenor Place is convenient to downtown Bethesda and a wide array of neighborhood retailers. Rock Creek Park and its more than 30 miles of hiking, biking and horseback riding trails are also in close proximity to the site.
“Grosvenor Place aligns well with our strategy of investing in well-located residential projects with reputable developers,” said Matt Stein, Manager, Co-Investment with Grosvenor Americas. “We are extremely pleased to be partnering with Madison Homes on what, we are certain, will be a very successful project”
Grosvenor Place is located in an area that was once the country estate of the US-based Grosvenor family whose lineage includes Alexander Graham Bell and the former President of the National Geographic Society*.
“We are excited to bring Grosvenor Place to market and are thrilled to be working with Grosvenor Americas,” said Andrew Rosenberger, Vice President of Madison Homes. “The combination of Grosvenor Americas’ world class experience and financial strength and Madison Homes’ expertise in developing unique in-fill communities creates a very strong team and we are eager to start development and sales at Grosvenor Place.”
Grosvenor Place represents the fifth project financed by Grosvenor Americas in the Washington, D.C. region since launching the Structured Development Finance Program in 2015. Other projects include PN Hoffman’s The Bower, a 137-unit condominium project located in The Yards in Southeast D.C., Madison Investments’ Elysium Logan, a 32-unit boutique residential property in Logan Circle, Northfield Development’s Slade Townhomes, an 18-unit townhome community in Alexandria, VA, and Ditto Residential’s Watkins Alley, a 44-unit residential development in Capitol Hill East.
Grosvenor’s Structured Development Finance 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.
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Notes to Editors
* The Maryland based Grosvenor family referenced in this press release is not directly related to the Grosvenor family based in Chester, England. The latter is represented by the Grosvenor Estate which encompasses the property activities of the Grosvenor Group of which Grosvenor Americas is part.
About Grosvenor Americas:
Grosvenor Americas is an active developer, investor and co-investor across Canada and the USA. Our strategy is to invest in vibrant urban locations where we can add value and address some of the challenges that face our markets, including housing supply.
Our active development pipeline includes 875 California Street in San Francisco and The Pacific in downtown Vancouver, as well as the second phase of Grosvenor Ambleside in West Vancouver. Our Structured Development Finance programme invests in apartment, condominium, townhome and mixed-use developments across our active markets, with a focus on vibrant, well-connected locations and our Investment programme adds value to residential, retail and commercial assets in walkable places.
Grosvenor Americas is part of the Grosvenor Group, one of the world’s largest privately-owned property companies which develops, manages and invests in property in more than 60 cities around the world.
As at 31 December 2017, Grosvenor Americas had assets under management of US$3.8bn.
About Madison Homes:
Madison Homes, Inc. is a full service real estate development company focused on creating unique infill residential communities in the Washington, DC metropolitan area. Since its inception in 1992, Madison Homes’ has developed single family homes, multi-family residences and townhome communities in the best neighborhoods in the Washington, DC area, designing a range of homes to suit a range of lifestyles.