TORONTO, June 4, 2014 (GLOBE NEWSWIRE) -- Greybrook Securities Inc. and Greybrook Realty Partners Inc. are pleased to announce the successful closing of a $4,000,000 equity private placement of units of Greybrook Neilson Limited Partnership.
Proceeds from the placement will be used for the acquisition and development of 96 stacked condominium townhouses located at 1355 Neilson Road in Toronto, Ontario, in the center of one of Toronto's most dynamic communities. The development will be done in collaboration with Stafford Developments, one of Toronto's most innovative development companies.
An affiliate of Greybrook Realty Partners is the general partner of the Partnership and, throughout the project's duration, will represent the interests of the group of investors who participated in the private placement. The project, with an estimated completion value of over $33,000,000, will provide area residents with an opportunity to own a new home at an affordable price.
"We're excited to partner once again with Greybrook to deliver yet another high quality project," commented Gary Goldman, President and Founder of Stafford Development. "Traditionally, the Malvern community has been called home by many new Canadians, and our Neilson Road project will offer tremendous value to those in the market for a new home." Greybrook Securities' CEO, Sasha Cucuz, shares Mr. Goldman's enthusiasm. He said, "Our investors have been very happy with results we've achieved together with Stafford Developments to date. Gary and his team are true professionals, and we look forward to working together on this project and others."
Greybrook Realty offers investors the unique ability to invest alongside some of Toronto's best-in-class real estate developers and share in their value creation activities.
About Greybrook
Greybrook Securities, Greybrook Realty Partners and their affiliates have been involved in the creation, development, construction and management of 46 projects totaling over 10,500 residential units. Approximately $590 million in equity has been deployed to date, which is expected to generate approximately $2.6 billion in aggregate value.
Greybrook Realty Partners provides asset management and advisory services to top-tier real estate developers, land owners and private equity investors.
This news release contains forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties, which could cause actual results to differ from those contemplated or implied by such forward-looking statements. Greybrook is under no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise.