Greybrook Securities Inc. and Greybrook Realty Partners Inc. announced on July 6 the successful closing of a $22.4-million equity private placement offering of units of the Greybrook Bloor West Limited Partnership and the Greybrook Bloor West Trust.
The private placement’s proceeds will fund the purchase of an interest in and the development of an eight-acre property in Toronto’s Junction Triangle neighbourhood. As planned, the mixed-use project would see the construction of 665 residential condominium units and townhomes and up to 550,000 square feet of commercial retail and office space.
Located near the Bloor subway line, GO Transit and the only intermediate stop on the new Union Pearson Express airport rail link service, the property has already attracted the Museum of Contemporary Canadian Art (MOCCA) as a key cultural tenant. MOCCA will relocate its gallery and head office to the site’s centrally situated Tower Automotive Building, a 10-storey heritage structure that will undergo a complete renovation.
“Acquiring a property this substantial in physical land size and development density, over one million buildable feet of mixed-use space, will give Castlepoint and Greybrook a blank canvas to transform a previously underutilized area within the core of Toronto into a community where people will live, work and play,” said Sasha Cucuz, CEO, Greybrook Securities. “This development has similar characteristics to Greybrook’s initial investment in the previously underdeveloped Toronto neighbourhood of Liberty Village in mid-2007.
“Greybrook and its development partners have completed over 1,600 residential units in Liberty Village and have another 700 units actively in development that will contribute to this bustling Toronto neighbourhood.”
On top of 200 acres of single-family housing in the GTA, affiliates of Greybrook Realty Partners and the Castlepoint Group of Companies have together acquired more than 2.5-million square feet of mixed-use residential/commercial development land in downtown Toronto since 2014.
“Greybrook has co-invested nearly $90-million of equity into these developments, and we look forward to building on our success and collaborating on a number of projects in the future,” said Cucuz.
