TORONTO, June 5, 2014 (GLOBE NEWSWIRE) -- Greybrook Securities Inc. and Greybrook Realty Partners Inc. are pleased to announce the successful closing of a $5,020,000 equity private placement of units of the Greybrook Pine Grove Limited Partnership.
Proceeds from the placement will be used for the acquisition and development of 100 stacked condominium townhomes located on Pine Grove Road, Vaughan, Ontario - in the heart of Woodbridge. The development will be done in partnership with Cityzen Development Group, one of Toronto's leading residential developers.
An affiliate of Greybrook Realty Partners is the general partner and of the Partnership and, throughout the project's duration, will represent the interests of the group of accredited investors who participated in the private placement. The project, with an estimated completion value of over $43,000,000, is nestled in a quiet cul-de-sac, just steps away from downtown Woodbridge and its high-end shops and restaurants.
"Cityzen is proud to be partnering with Greybrook on yet another high profile development project," commented Sam Crignano, President of Cityzen Development Group. "We are very excited about this project and its close proximity to everything that Woodbridge has to offer." Greybrook Securities' CEO, Sasha Cucuz, shares Mr. Crignano's enthusiasm on both the site and the partnership between the two firms. He commented: "Greybrook is thrilled to be working with Sam and his team at Cityzen on this project. Cityzen is a first class team, and Pine Grove is a first class project. We look forward to another success story."
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.