TORONTO, Nov. 15, 2021 /CNW/ - Graywood Developments LP ("Graywood") announced that it has completed the final closing of its ninth real estate private equity fund, Graywood Fund IX Limited Partnership ("Fund IX" or the "Fund"). Graywood raised CAD $148 million from Canadian financial institutions, pension plans, family offices and high net worth individuals. The final closing of the Fund brings Graywood's equity under management to over CAD $525 million, funding 14 projects with CAD $4.3 billion in development value.
"We are proud to have strong support from our investors. The closing of Fund IX marks the largest closed-end Fund in Graywood's history and is a testament to the strength of our investment platform and the resilience of the residential real estate market," said Stephen Price, President and CEO of Graywood Developments. "We are highly confident in our strategy, development platform and experienced team and believe we are well-positioned to provide strong returns to our investors."
Part of the proceeds from the final closing of Fund IX have been deployed to acquire ("3201 Highway 7"), located at the corner of Interchange Way and Highway 7 in the thriving Vaughan Metropolitan Centre ("VMC"), steps away from the VMC subway station. Graywood partnered with Phantom Developments on the acquisition and plans to redevelop 3201 Highway 7 into a 3-tower high-rise mixed-use development with approximately 1,730 units.
The acquisition of 3201 Highway 7 follows the acquisition of two previous investments in Fund IX. Graywood acquired 241 Church Street, the northeast corner of Church Street and Dundas Street in downtown Toronto ("241 Church Street") in October 2020 as its first seed investment. 241 Church Street will be developed into a 52-storey, approximately 600-unit building. Graywood acquired 2365 & 2377 Lakeshore Road West ("Lakeshore Road") in the Bronte Village neighborhood in Oakville as its second acquisition in September 2021. The Lakeshore Road project is expected to have 138 units in mid-rise built form along the shores of Lake Ontario. The three projects offer diversification across the Greater Toronto Area and through varied project sizes.
This statement is for information purposes only and does not constitute an offer or solicitation for any security, product, service or fund. The information in this statement should not be considered legal, tax, investment, financial or any other professional advice. This statement contains only summary information as of the date hereof and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein, by Graywood or any of its affiliates or funds. Should any of the descriptions or terms herein be inconsistent with any applicable governing documents, such other documents shall prevail.
About Graywood Developments
Graywood is a private investment management company based in Toronto that specializes in the development of residential mixed-use real estate projects of exceptional quality. Graywood's expertise includes identifying attractive development sites, deal underwriting and structuring, all aspects of development management including land use approvals, project design, sales and marketing, construction management and project financing.
Graywood currently has 14 active projects with 6,000 residential units under development, representing $4.3 billion in development value. During its 36-year history, Graywood has managed 53 projects, representing $8.3 billion in development value and 31,100 units.
SOURCE Graywood Development
For further information: Stephen Price, President & CEO, Graywood Developments LP, (416) 599-1930; Aleks Karamarkovic, Vice President, Corporate Development, Graywood Developments LP, (416) 599-2466, www.graywoodgroup.com