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22 SEPTEMBER 2021
Grosvenor Americas (‘Grosvenor’), a privately owned international owner and developer, announces that its Structured Development Finance (‘SDF’) business has closed a new financing commitment with Hines, Urban Atlantic and Triden Development Group through Grosvenor’s True North III Partnership.
The $21.1M commitment is for the development of Kite House, a 109-unit condominium project with 11,385 SF of street-level retail in The Parks at Walter Reed 66-acre masterplan community located in Northwest Washington, D.C. Amenities include a concierge, courtyard, bike parking and fitness centre. Kite house, designed by Hickok Cole, offers an array of unit types and pricing alternatives with nine units priced below market. The 6-story mixed-use building is anticipated to complete in the spring of 2023.
Kite House is located six blocks from The Brooks, an 89-unit condominium for which Grosvenor provided a $12.4M loan to Hines, Urban Atlantic and Triden in 2018.
Upon completion, The Parks will include over 2,200 units of townhomes, condos and apartments (including more than 430 affordable units), 370,000 square feet of office, 150,000 square feet of retail, and 480,000 square feet for non-profit uses.
Due to the presence of the Army campus, various waves of development have historically skipped over the neighborhoods near Walter Reed. The new housing, retail and recreation spaces created at The Parks will serve as an activity hub for the surrounding community - residents will be able to stroll to Whole Foods, several restaurants and explore the outdoors. In addition, Children’s Hospital and Virginia Tech are expanding on the adjacent site, providing job opportunities within walking distance.
Alexandra Johns, SVP Co-Investment at Grosvenor Americas said: “Kite House marks our second deal with Hines, Urban Atlantic and Triden. We deeply value the business relationship that our teams have developed since working together at The Parks in 2018. With population growth in the submarket projected to grow 8% by 2025 and new employment drivers, the area continues to thrive. We are so pleased to be a part of The Parks, with its thoughtful land plan and extraordinary community.”
“Kite House represents a pivotal step as we continue to transform The Parks,” commented Chuck Watters, Senior Managing Director at Hines. “We look forward to working with Grosvenor to deliver much needed for-sale housing with immediate access to high quality amenities and thoughtful green spaces to the community.”
The closing of Kite House marks the third transaction for Grosvenor’s True North III Partnership. It follows the announcements of a 10-story condominium project at Eighth and O Streets NW in Washington, D.C. with Roadside Development and a 295-unit apartment complex with Intracorp in Seattle earlier this year.
True North III is the third iteration of a Grosvenor partnership to fund residential and mixed-use developments in the U.S. and Canada. Since 2000, the Company's SDF business has acted as a captial proivder to 76 residential development projects representing over 6,300 residential units and $3.5bn in gross development value.
Grosvenor has operated a diversified real estate development and investment business in North America since 1952. The Company actively manages its $2.8B investment portfolio and is executing on a proprietary development pipeline that will deliver 4,200 homes across its active markets. Consistent with the firm’s farsighted approach to investment and development, Grosvenor Americas values long term partnerships: across their nine active investment partners, the average relationship is 20 years.
Vice President, Corporate Marketing & Communications, Grosvenor Property Americas
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