Since the early 2000s Grosvenor Americas has operated a capital business which provides preferred equity financing for residential led developments. The business provides investment to developers in a participating debt structure (a hybrid of JV equity and mezzanine debt). This programme has financed over 75 development projects across Vancouver, Seattle, San Francisco, Los Angeles and Washington DC, representing over $4bn in total developable value. Since inception our average IRR achieved has been in excess of 20%.
In 2014, Grosvenor Americas formerly established the Co-Investment team to manage the Structured Development Finance (SDF) Programme. The business has experienced significant growth since then, launching the True North Partnerships (True North I launched in 2015: a $300m partnership; True North II launched in 2017, a $400m partnership). We are in the process of closing True North III, with a further $300m in commitments to invest over the next 24-36 months. The target return on investment is an IRR 16-20% and minimum equity multiple of 1.5x. The current portfolio stands at 12 actively managed loans representing a total commitment of $225m and $1.4bn in total developable value. Grosvenor’s commitment to each fund is of $100m.
The programme currently has $300m of undrawn capacity in new equity to deploy over the next 24 months and is also undergoing a strategic review to explore several new markets in the US and Canada for further expansion.
The Co-Investment programme is the fastest growth area for the North American business. The team consists of 12 professionals based in Vancouver, San Francisco and Washington DC. Grosvenor Americas is committed to building an exceptional team to foster growth in this exciting area of the business with a goal of doubling the size of the programme in the next 5-8 years.
Purpose of role
The principal responsibility of the role is to support the Co-Investment team’s investment activities in the San Francisco and Los Angeles markets. This position will directly report to the Vice President in San Francisco. The individual will be involved at every stage of the investment cycle. As well as directly supporting the team, the role will be required to interact with internal senior executives and external partners.
To perform this role successfully, an individual must be able to perform each key responsibility satisfactorily. The requirements listed below are representative of the knowledge, skills, and/or ability needed. Other duties may be assigned as required.
Creating, reviewing and analyzing financial proformas, budgets, cash flow forecasts, sensitivities, project profitability and investment returns for prospective and existing loans
Modelling equity/debt/waterfall structures and evaluating risk mitigation strategies
Attending and actively participating in internal and external meetings with developers, lenders and other business stakeholders.
Administration of existing loan activity including review of loan draw requests, preparation of internal loan draws, organizing revenue distributions, and maintaining interest accrual calculations
Maintaining monthly and quarterly management reports with a focus on budget monitoring and sales/lease-up performance
Researching and monitoring market activity and potential development opportunities in various markets
Collating and reviewing due diligence data/materials including assessing borrower financial statements
Assisting in the preparation of loan approval reports and other closing matters
Providing ad-hoc analytical support and collaborating with other teams across North America
The following are key characteristics or skills that a successful candidate should possess
1-2 years of business analytical experience, preferably within the real estate sector
A university degree or diploma specializing in: real estate, accounting, or finance is preferred
Advanced proficiency in Excel financial modelling is critical
Strong understanding of the key drivers of real estate valuation
Private equity experience is also highly valued but not required
Highly intelligent self-starter who is detail-oriented with strong quantitative and analytical skills
A high degree of knowledge of general finance, accounting, and capital markets concepts
Excellent written and verbal communication skills with the ability to synthesize quantitative financial analysis into concise written and verbal reports
Motivated team player with excellent interpersonal skills and the ability to actively interface with personnel at all levels, including third parties
Flexible and adaptable in a fluid work environment
Able to manage multiple projects with varying deadlines
Aptitude in interpreting financial, technical and legal documents
High proficiency in other MS Office applications including Word and PowerPoint
At Grosvenor, we seek to recruit and develop people who share our values – Integrity, Respect and Trust – and have the skills and ambition to help us implement our strategy. We stick to our promises, build lasting relationships with partners and work closely and responsibly with local communities.
Job description revision
This is not necessarily an exhaustive list of all responsibilities, skills, duties, requirements, efforts or working conditions associated with this job. While this job description is intended to be an accurate reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be performed when circumstances change. This job description replaces all previous descriptions for this position.
An Equal Opportunity Employer
Grosvenor provides equal employment opportunities without regard to age, ancestry, color, creed, mental or physical disability, marital status, medical condition, national origin, race, religion, sex, sexual orientation, veteran status, or any other consideration made unlawful by federal, state, or local laws.
At Grosvenor we value diversity and we are proud to be an equal opportunity employer. We are committed to promoting and protecting the physical and mental health and well-being of all our people. If you need assistance or reasonable adjustments due to a disability, please provide details along with your application
Internal Number: JR02566
About Grosvenor Americas
Grosvenor Americas is an active developer and investor in several high-quality cities across the U.S. and Canada. Our strategy is to invest in vibrant urban locations where our activities can make a positive contribution to neighborhoods and communities.
Our active development pipeline focuses on projects in urban, transit-oriented and/or amenity-rich neighborhoods and includes current projects such as Crescent in San Francisco, The Pacific in downtown Vancouver, and Eckington Yards in Washington, D.C. We are also advancing larger multi-year projects in San Francisco, West Silicon Valley and Vancouver. Our Investment program adds value to residential, commercial and retail assets while also managing a portfolio of stable, high-quality properties across North America. Our Structured Development Finance business provides funds for much-needed residential development projects in our high growth markets.
We are part of Grosvenor Group, a privately-owned international property company. With a track record of more than 340 years, the Group develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.
As of December 31, 2020, Grosvenor Americas had assets under management of CAD $4.8B.