Grosvenor’s structured development finance (SDF) business has closed a financing commitment for Intracorp’s new $450 million Gardena residential development project in the rapidly evolving Burquitlam neighborhood of Coquitlam, British Columbia, a suburb of Vancouver. Set to commence construction in first quarter 2024, Gardena encompasses 527 condominiums and 218 rental units across four buildings.
Established in 2000, Grosvenor’s SDF program provides equity-like capital to leading residential and multifamily developers. The business has provided capital to 78 development projects supporting the development of more than 8,900 residential units (across Canada and the United States). The program seeks opportunities to work with developers on the new construction of mixed-use developments, apartments, condominiums, and townhomes located in Boston, Denver, Northern and Southern California, Toronto, Vancouver and Washington, D.C.
Gardena aligns well the SDF program’s
