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California  + Bay Area  + Apartments  | 

Grosvenor Closes $300M Round for Third Iteration of True North

Grosvenor Americas recently announced the close of $300 million in its latest round through its structured development finance division for True North III (TNIII), a limited partnership between Grosvenor, Nicola Wealth and Kingswood Capital. This third partnership continues to provide equity financing for residential and mixed-use developments in gateway markets including Washington, D.C., the Bay Area, Los Angeles, Seattle and Vancouver, Canada.

Combined with True North I and II, the structured development finance program has raised nearly $1 billion in commitments since 2015. To support the acceleration of this strategy, Grosvenor added both Steve Guberer, formerly with CBRE, as senior vice president, capital markets to lead capital-raising activities in the U.S. and Canada, and Jennifer Eskildsen as vice president, co-investment to oversee SDF’s West Coast activities in the Bay Area, Los Angeles and Orange County.

Grosvenor’s program seeks developers in its chosen markets to deliver much-needed housing. Projects range in scale from 50 to 450 units.

“Nicola Wealth has been involved with Grosvenor’s structured development finance business since 2015,” said Mark Hannah, managing director of Nicola Wealth’s Real Estate division. “This is the third iteration of True North and we remain, as ever, attracted to the expertise Grosvenor offers as a vertically integrated property company leveraging that experience to capitalize third party developers.”

Although the consortium of partners are Canadian investors, the program will invest mainly in U.S. markets owing primarily to supply/demand differences brought about by the pandemic.

“We recognize the structural shortage in supply of good-quality urban infill housing in gateway cities in the U.S.,” said Alex Henderson, senior vice president of co-investment for Grosvenor Americas. “The housing demand and supply imbalance could become even more acute if developer pipelines do not remain full, and this new phase of TNIII supports our ability to get new and needed product to supply-constrained regions efficiently.”

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Alex Henderson

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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