Graywood Developments LP announces Final Closing of Graywood Fund IX alongside Acquisition of three-tower site in Vaughan Metropolitan Centre

Insidertracking.com
Nov. 16, 2021

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.