(Connect CRE is spotlighting the inaugural winners of the Canadian Women in Real Estate Awards. In this article, we profile Natalie Leibowitz, senior manager of finance and investments at Toronto-based Altree Developments.)

In the fall of 2023, Natalie Leibowitz oversaw what is believed to be Canada’s first IPO tied to a single-project development.

Leibowitz oversaw all aspects of the deal as CFO of the West Side Square Development fund, completing the necessary prospectus and raising US$50 million through the investment vehicle, which was structured as a mutual fund trust. The fund is a joint-venture between Altree Developments, where Leibowitz serves as senior manager of finance and investments, Lanterra Developments and Westdale Construction.

The partners are using the money raised to develop a 477-unit rental apartment project in Jersey City, N.J., which is part of the New York City area.

“Natalie is a strong business leader and project manager, able to deliver complex projects on time while managing a diverse portfolio of real estate assets,” writes one of a number of people who nominated her for her Canadian Women in Real Estate Award.

(Incidentally, most of the nominators work outside of Altree.)

While Leibowitz was in the process of delivering the IPO, she made a personal delivery. She was pregnant as the IPO approached and continued to work on it after giving birth to her child.

Another nominator says Leibowitz did “an exemplary job on her first IPO, demonstrating judgment, knowledge and discretion well above what I typically see for those approaching an IPO for the first time.”

Another nominator calls her the “brightest shining star” of his career. In addition to lauding her business savvy, nominators praise her friendly nature.

Leibowitz has risen quickly since beginning her career as a research analyst with Highstreet Asset Management in 2016. She held financial analyst positions with the Home Depot and Hudson’s Bay Company before moving to Toronto-based Altree in 2019.