Grosvenor is helping to finance an Intracorp $455-million multi-family real estate development project in Coquitlam, B.C.

London-based Grosvenor has provided $39.6 million in financing, the company announced.

Construction is set to begin in the first quarter on the Vancouver-area development, which is known as Gardena. The project will feature 527 condominium units and 218 rental suites spread across four buildings.

Grosvenor provided the funds through its structured development finance (SDF) business. The Gardena project marks Grosvenor’s 26th deal with Vancouver-based Intracorp.

“It is fitting to build this much needed housing with the support of Grosvenor, who are long-term and trusted partners to us in both Canada and the United States,” said Dan Forsgren, CEO of North America for Intracorp Homes, in a news release.

Ashleigh Simpson, who heads Grosvenor’s SDF business, said 2024 offers strong potential for the program.

“Among developers, there is an acknowledgement that thoughtfully underwritten residential development opportunities in supply-constrained markets are likely to have positive reception from capital sources,” said Simpson. “And, SDF has a role to play in this space.”