Philadelphia, PA (PRWEB) July 12, 2006
Grosvenor Investment Management U.S. Inc. (GIM), on behalf of a client’s pension fund has provided $ 16,550,000 mezzanine financing to American Heritage Communities for the Development of the Heritage community of Green Hills Retirement in Reading, Pennsylvania.
GIM
mezzanine equity loan will build on land acquisition, site development, and other initial costs associated with the development of the admission of the 619-unit retirement community continues to care. Total development cost is estimated at $ 145,000,000.
The Heritage of Green Hills is planned for a site of 78 acres of scenic which is easily accessible from New York, Philadelphia, Baltimore and Washington, DC More than three phases, the site will be developed into a state-of-the – retirement home of art with a mix of independent living, assisted living and skilled nursing care and a full range of support services. The first phase should be ready for occupancy in early 2009.
GIM, formerly Legg Mason Real Estate Services Inc., was acquired by Grosvenor on March 31, 2006. Based in Philadelphia, GIM serves as Grosvenor now the operation of real estate investment management in North America. GIM is part of Grosvenor Fund Management, which was created in 2005 as a vehicle for the participation of outside investments managed by Grosvenor. Grosvenor Fund Management (including GIM) now has total funds under management of over $ 5,200,000,000 on behalf of 50 third-party investors in 12 funds.
Grosvenor is an international group of private property, which represents the interests of the Grosvenor family headed by the Duke of Westminster. The Group undertakes real estate development and investment for its own account and on behalf of partners and investors through its regional operating companies and fund management in the Americas, Great Britain and Ireland, Continental Europe and Asia Pacific in Australia. It operates from 12 offices and has interests in 17 countries. Grosvenor manages or has interests in approximately $ 17,300,000,000 of property.
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