TORONTO, Ontario – June 17, 2015 – Greybrook Securities Inc. and Greybrook Realty Partners Inc. today announced the successful closing of a $7,180,000 equity private placement offering of units of the Greybrook Markham II Limited Partnership.
Proceeds from the private placement will be used to purchase an interest in a property located in Markham, Ontario and fund the development of a 118-unit master planned residential townhome project on the acquired parcel. The development will be conducted in collaboration with Cityzen Development Group.
The site, which is located at 7350 Markham Road, is the last parcel of developable land within an existing fully established neighbourhood. The property is located near, and provides convenient access to, major highways, shops, transit, parks and some of Ontario’s premier golf courses. Markham is one of the fastest growing municipalities in Ontario. It is home to more than 400 corporate head offices and 1,000 high tech and life science companies, including IBM, American Express, Apple and Hewlett Packard.
“This is our second project in Markham in less than six months,” said Greybrook Realty Partners’ President and Chief Executive Officer, Peter Politis. “Markham is a rapidly growing sub-market in Toronto, and it will continue to be an area of focus for Greybrook. We are actively evaluating development opportunities within the region that meet our investment parameters.”
Greybrook Realty Partners continues to expand its portfolio of low-rise development holdings in Southern Ontario, acquiring nearly 200 acres of low-rise development land across Toronto, Hamilton, Woodbridge and Markham in the last eight months. With the close of this transaction, Greybrook’s portfolio is projected to include over 2,500 single family housing units. “Our project portfolio is growing across different asset classes and residential property types, giving our investors the opportunity to diversify their real estate investment portfolio with Greybrook,” said Mr. Politis.