Eskildsen to lead Structured Development Finance activities in California
Grosvenor Americas (‘Grosvenor’), a privately-owned international investor and developer, has appointed Jennifer Eskildsen as Vice President, Co-Investment. Jennifer will oversee, execute, and manage Grosvenor’s Structured Development Finance (SDF) activities in the San Francisco Bay Area, Los Angeles, and Orange County while considering other West Coast markets as the Programme expands.
A vertically integrated property company with an active $2.7bn development pipeline, the SDF business supplements Grosvenor’s core development and investment activities by providing capital to leading residential developers in its chosen markets. Grosvenor established the Programme in 2014 in part to help address the structural shortage in supply of quality urban infill housing in gateway cities in the US and Canada.
The SDF programme, which recently secured an additional $300m in investment capital from two of Grosvenor’s long-term Canadian partners in True North III, is the fastest growth area in the North American business with a current portfolio of nine active developments representing over $1.5bn in total developable value. Since 2000, the business has acted as a capital provider to 72 residential development projects representing over 5,600 homes and $4bn in gross development value.
With over 18 years of experience in acquisition, finance, and portfolio management, Jennifer brings a wealth of expertise in residential and mixed-use real estate transactions. Previously, Jennifer was Vice President Capital Markets at Carmel Partners where she cultivated value-add strategies to mitigate risk and improve investor earnings, successfully closing over $2bn in debt transactions. Her experience also includes ten years as Vice President with Acacia Capital Corporation, working on all facets of the multifamily investment cycle.
Alex Henderson, SVP, Co-Investment at Grosvenor Americas, said: “Jennifer brings a wealth of experience and perspective to the team, and her leadership will accelerate our ambitious growth plans for the SDF programme in the California market.”
Jennifer Eskildsen added: “Through the SDF program, we will be helping contribute much-needed housing supply in California while serving as a trusted and reliable partner. I’m proud to join Grosvenor and represent the Co-Investment team to execute these expansion goals.”
Actively involved with several non-profits, Jennifer is a Board Director for the San Francisco Housing Development Corporation, she serves on the Real Estate Committee and Co-Chairs its Fund Development Committee. She is a member of the finance committee for SOMA West Community Benefit District and the Urban Land Institute, serving colleagues on the SF Programs’ UrbanPlan and Equity, Diversity & Inclusion committees.
About Grosvenor Americas:
Grosvenor Americas has been an active developer and investor in several high-quality cities across the U.S. and Canada for 69 years. Our strategy is to invest in vibrant urban areas where our activities can make a positive contribution to neighborhoods and communities, which we deliver through our Living Cities approach. Since 2004, we have helped supply 12,300 quality homes and have transacted $4.6bn in investment property in the high-growth markets where we operate.
As one of the first North American signatories to the World Green Building Council’s Net Zero Carbon Buildings Commitment, our business is guided by ESG principles and underpinned by a promise to achieve net zero operations by 2030.
We are active in the high-growth transit-oriented and/or amenity-rich neighborhoods of Seattle, Vancouver, the San Francisco Bay Area and Washington, D.C.. Our Development Program focuses on residential mixed-use projects; most developments in our USD $2.7bn pipeline will deliver to LEED Gold standards. We also add value to residential, commercial and retail assets, actively managing a portfolio of 59 stable properties in our Investment Program. Additionally, we run a Structured Development Finance business that provides funds to leading residential developers who provide much-needed housing.
As of December 31, 2020, Grosvenor Americas had assets under management of USD $3.6bn.
We are part of Grosvenor Group, one of the world’s largest privately-owned international property companies and active in Britain & Ireland, Europe, Asia Pacific and North America. With $15.2bn of assets under management and a track record of 344 years, Grosvenor develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.