TORONTO, July 17, 2014 (GLOBE NEWSWIRE) -- Greybrook Securities Inc. and Greybrook Realty Partners Inc. are pleased to announce the successful closing of a $44,000,000 equity private placement of units of the Greybrook Waterfront Limited Partnership.
Proceeds from the placement will be used for the acquisition and development of a 2,000 unit multi-phase condominium project located on the Toronto Waterfront. The development will be done in partnership with the Castlepoint and Cityzen Development Groups, two of Toronto's leading residential developers.
The project, with an estimated completion value of approximately $1,000,000,000 is located on Toronto's waterfront, in the heart of Waterfront Toronto's exciting new re-development plan. The site, located at 215 Lake Shore Blvd East is currently occupied by FedEx as its primary tenant. When developed, the project will offer buyers both unobstructed lakefront views as well as panoramic views of the city skyline and is conveniently located just steps away from public transportation, Union Station and the center of the downtown core.
"The Castlepoint Group along with Cityzen Developments is proud to be partnering with Greybrook on yet another high profile development project," commented Mario Romano, President of The Castlepoint Group. "We are extremely excited about the partnership, this project and the opportunity to create something special for the residents of this wonderful city to enjoy for generations to come." Greybrook Realty's President, Peter Politis, shares Mr. Romano's enthusiasm on both the site and the partnership between the three firms. He commented: "Greybrook is thrilled to be working with Castlepoint and Cityzen on this marquis development project that will undoubtedly bring Toronto's waterfront district to a world class level. Castlepoint and Cityzen are among the most experienced developers in Toronto and we look forward to another successful outcome for Greybrook and our investors."
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. Greybrook Securities, Greybrook Realty and their affiliates have been involved in the creation, development, construction and management of 47 projects totaling over 13,000 residential units.
Greybrook Realty 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.
For further information: Greybrook Securities Inc. Rose Yu-Virji, VP Operations E: firstname.lastname@example.org T: 416.322.9700 x542