Greybrook Securities Inc. and Greybrook Realty Partners Inc. announced on July 6 the successful closing of a $4.385-million equity private placement of units of the Greybrook 181 Sheppard East Limited Partnership.

The private placement’s proceeds will fund the purchase of an interest in and development of a property at 181 Sheppard Ave. E. in Toronto’s Willowdale neighbourhood. To be conducted in collaboration with Stafford Homes, the 152-unit mid-rise condominium project slated for the site will be part of a larger mixed-use development. The acquisition expands the redevelopment site at 179 Sheppard Ave. E., an adjacent parcel of land which is jointly owned by an affiliate of Greybrook Realty Partners and a company within the Stafford Developments group of companies.

“This purchase represents a strategic acquisition for Stafford Homes and Greybrook,” said Sasha Cucuz, CEO, Greybrook Securities. “With nearly one acre of land stretching all the way to the corner of Sheppard Avenue and Willowdale, we now have the opportunity to create a residential and retail development of substantial consequence that will transform this corner of the city.”