TORONTO, Dec. 3, 2013 (GLOBE NEWSWIRE) -- Greybrook Securities Inc. and Greybrook Realty Partners are pleased to announce the successful closing of a $41,400,000 equity private placement in partnership with Empire Communities, a leading Toronto-based residential developer.
Proceeds from the placement will be used for the acquisition and development of 140 Yorkville Avenue, a marquis residential condominium development located in the heart of Toronto's prestigious Yorkville district.
Greybrook Realty Partners will act as the General Partner of the Limited Partnership and will represent the interests of its over 250 accredited investors throughout the entirety of the development. 140 Yorkville, with an estimated completion value of over $400,000,000, will consist of a 36-story, exclusive residential tower with 2 levels of luxury retail space.
"Greybrook and our investors are excited to be partnering with Empire Communities to develop one of the most coveted corners of real estate in the country," commented Peter Politis, President of Greybrook Realty Partners. "Yorkville is considered Canada's Park Avenue and we expect this project to produce another outstanding result for our investors."
Through Greybrook Realty, investors are given the unique ability to invest alongside some of Toronto's best-in-class developers and share in their value creation activities. 140 Yorkville represents the second Greybrook development in the neighbourhood, with 68 Yorkville, known as "Yorkville Regency" having reached successful completion in partnership with Plaza Corporation in 2009.
Pre-construction sales for the residences of 140 Yorkville Avenue are expected to begin in the spring/summer of 2014.
About Greybrook
Greybrook Securities, Greybrook Realty Partners and their affiliates have been involved in the creation, development, construction and management of 43 projects totaling over 10,000 residential units. Approximately $560 million in equity has been deployed to date, ultimately creating an aggregate value of approximately $2.4 billion.