TORONTO, Dec. 06, 2017 (GLOBE NEWSWIRE) — Greybrook Realty Partners Inc. announced today the successful closing of an equity investment by its managed issuer of $35,025,000 to acquire and oversee the development of a prime parcel of land located in Toronto, Ontario. Together with its developer partner, Marlin Spring, the firm will develop the property into a two-tower mixed-use, high-rise condominium.
The Property, which is located at 1978 – 2002 Lake Shore Boulevard West, is situated along the city’s expansive waterfront within the growing Etobicoke-Lakeshore neighbourhood. The planned development will provide residents with premium, unobstructed views of Lake Ontario. The site also affords convenient access to the major 400 series highways and to downtown Toronto via Lake Shore Boulevard, the Gardiner Expressway and TTC bus and streetcar routes. Adjacent to Sunnyside Beach, the property is a short walk from High Park, Toronto’s largest public park, and a short drive from the newly expanded CF Sherway Gardens mall and several big-box retailers.
“With continued supply constraints and price growth of condominium product across the Greater Toronto Area (GTA), we are pleased to have the opportunity to bring to market two mixed-use towers on this exceptional waterfront property in the City of Toronto,“ states Sasha Cucuz, CEO of Greybrook Securities Inc. “Our seventh partnership with Marlin Spring, we expect this lakefront development to be well-received by the community and to provide residents with efficiently designed housing which complements the existing mix of residential and commercial development in the neighbourhood.”
“Marlin Spring is proud of our continued partnership with Greybrook and our ability to provide premium quality residential housing in several emerging and established geographies, which will help meet the significant housing demand in the GTA market,” said Benjamin Bakst, CEO of Marlin Spring.
About Greybrook Realty Partners Inc.
Greybrook Realty Partners is a Toronto-based asset management firm that invests equity in large-scale development-based opportunities. Greybrook Realty Partners offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook Realty Partners and its affiliates have invested in over 50 real estate projects in Greater Toronto Area, Greater Golden Horseshoe region and South Florida markets. In aggregate, its real estate investment portfolio is expected to result in the development of over 17 million square feet of residential and commercial density, with an estimated completion value of $8 billion.
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 Realty Partners Inc.
Sarah Mansour, SVP Corporate Strategy & Marketing
T: 416.322.9700 x551