First Closing of Graywood Fund IX

TORONTO, Oct. 28, 2020 /CNW/ - Graywood Developments LP ("Graywood") announced that it completed the first closing of its ninth private real estate development fund, Graywood Fund IX Limited Partnership ("Fund IX" or the "Fund"). Graywood raised CAD $100 million from Canadian financial institutions, pension plans, family offices and high net worth individuals. 

Stephen Price, President and CEO of Graywood commented, "We are very pleased with the support we received from our existing and new investors particularly given the uncertainty faced in the global economy in 2020. With Fund IX, we believe we are well positioned to continue to pursue the development of residential properties in the GTA, including for-sale and rental projects, a strategy we have successfully executed since our founding in 1985."

Graywood has deployed part of the proceeds from the first closing of Fund IX to acquire 241 Church Street, the northeast corner of Church Street and Dundas Street in downtown Toronto ("241 Church Street"). Graywood plans to redevelop 241 Church Street in to a 53-storey high-rise tower with approximately 570 residential units.

Graywood may plan subsequent closings of Fund IX in 2021. For further information regarding Fund IX, contact Stephen Price or Aleks Karamarkovic, Vice President, Corporate Development.

More about Graywood
Graywood is a private real estate management company based in Toronto that specializes in the development of residential mixed-use projects of exceptional quality. Graywood's expertise includes identifying attractive development sites, deal structuring, all aspects of development management including land use approvals, project design, sales and marketing, construction management and project financing.

Graywood currently has 13 active projects with 4,200 residential units under development, representing $3.0 billion in development value. During its 35-year history, Graywood has managed 51 projects, representing $7.0 billion in development value and 29,100 units.

Disclaimer

This document is for information purposes only and does not constitute an offer or solicitation for any security, product, service or fund. The information in this document should not be considered legal, tax, investment, financial or any other professional advice. This document 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.

SOURCE Graywood Development

Stephen Price, President & CEO, Graywood Developments LP, [phone]; Aleks Karamarkovic, Vice President, Corporate Development, Graywood Developments LP, [phone], www.graywoodgroup.com