Grosvenor promoted veteran executive Michael Ward to lead the London-based real estate investment and development firm’s structured development financing program in North America.
In his new role, Ward will manage a team of seven people who work in Vancouver, British Columbia; Washington, D.C.; and San Francisco as managing director of co-investment of the program that provides residential development financing for projects in Canada and the United States, Grosvenor said. He is based in the firm's Vancouver office.
Grosvenor's structured development finance program is actively raising funds for development projects in key gateway markets where the company is active. The program looks to work with developers to build mixed-use projects apartments, condominiums and townhouses in Vancouver, Toronto, Washington, D.C., Seattle and California.
Ward takes over as leader of the group at a time when access to capital to finance commercial property development has been limited. Some real estate professionals said they are hopeful recent interest rate cuts by the Bank of Canada and U.S. Federal Reserve will make more money available for such projects.
Ward joined Grosvenor in Vancouver in 2002 following an internship the year before and held a succession of development roles in its Washington and Calgary offices before returning to Vancouver in 2014, the company said.
Ward has been directly involved in 14 mixed-use and residential projects across North America, including through partnerships with large institutional Canadian pension funds, family offices and high-net-worth individuals, over his more than two decades with the company.
Grosvenor said Ward has expanded its development team, built relationships with capital partners and focused on guiding the strategic direction of the firm’s British Columbia development program that it valued at $5.3 billion.
"His work establishing and building partnerships has been vital to our growth to date," said Jamie Delmotte, chief co-investment officer for Grosvenor’s North American property business, in the statement.