Natalie Leibowitz will be a guest speaker at Connect’s Canada Kick-off event in Toronto on June 11. She serves as director of finance for Toronto-based Altree Developments. She also serves as CFO for West Side Square, the firm’s joint-venture multi-family development project in Jersey City, N.J., which is part of the New York City area. The joint-venture’s partners are Toronto-based Lanterra Developments and Westdale Construction.

Leibowitz oversaw an IPO of one of Canada’s first development funds tied to a single-project, that raised US$50 million to help develop the 477-unit project, which is slated to include 9,800 square feet of commercial space. She also captured an inaugural Connect Canadian Women in Real Estate (CWIRE) Award.

In this interview, she explains how the IPO was structured and discusses Altree’s view on cross-border investments.

How did setting up the financing for your company’s Jersey City project challenge you?

The U.S. debt market is very different than what we are seeing here in Canada. Even though I am definitely more familiar with the Canadian market, there is lots to learn from how the market operates in the U.S. 

Please explain how the IPO was structured. What made it unique?

What makes the West Side Square Development Fund so unique is that it is a single-asset fund over a fixed term, which is one of the first in the market. The carried-interest-and-fee structure is also very investor-friendly and creates alignment between the sponsor and investor. The market reacted really positively, which shows the strength of what we created. 

What is the status of the Jersey City project now?

We are well under construction and the crane was just erected this week! 

What is Altree’s approach to cross-border investments?

We are very bullish on the U.S. market. We have an office in New Jersey and really believe that boots on the ground are critical. 

Get Ready for Canada Kick-off

Connect CRE will hold its inaugural Canada Kick-off Event in Toronto on June 11. This will be Connect’s first commercial real estate industry conference in Canada. Panelists will include Syl Apps, managing director and co-country head for Hines; Lindsay Brand, chief investment officer at Concert Properties; Mark Kenney, CEO of Canadian Apartment Properties REIT; and, Marie-France Benoit, Avison Young’s director of Canadian market intelligence. Come and gain insights from industry leaders on such matters as buyer sentiment amid a lower interest-rate environment, cross-border commercial real estate transaction trends, and investors’ outlook for 2024 and beyond. Register today.