Grosvenor launches $149m U.K. residential development debt strategy

Grosvenor has launched a £120 million ($149 million) residential development debt strategy in the United Kingdom.

The strategy will further diversify Grosvenor’s £800 million ($993 million) regional investment portfolio by financing projects across a broad range of residential tenures. Grosvenor will make funding available to developers bringing forward a range of residential-led projects, including market sale, build-to-rent, affordable housing, student housing and senior living, providing loans up to £30 million ($37 million) per transaction. In line with Grosvenor’s commitments, funding will support projects with strong social and sustainability credentials.

Its first transaction, a senior loan facility of £33 million ($40 million) to DWS Group, supports the delivery of 316 homes to rent in Bath, with one-third affordable housing. The property also provides more than 650 bike parking spaces for residents and visitors, along with a car club and electric charg