TORONTO–(BUSINESS WIRE)–Pinemount Developments Ltd. (Pinemount) is pleased to announce the closing of the purchase of lands located at 795-799 Sheppard Ave W & 128-132 Gorman Park Rd in North York’s desirable Clanton Park neighbourhood. The development site is LPAT approved for a purpose-built rental project featuring 170 units and at-grade retail. Pinemount believes that this project will offer North York much needed rental supply, making an impact across the community.
Cranson Capital Securities Inc. successfully completed an $8 million capital raise on behalf of the Pinemount Gorman Park Limited Partnership (the “LP”). The LP will enter into a Development Management Agreement with Pinemount to execute the project, with completion expected in 2024.
About Pinemount Developments Ltd.
Pinemount Developments Ltd. is a Toronto based real-estate development firm driven by the expertise and personal attention of the firm’s principals and team members. Pinemount is focused solely on the significant long-term need for purpose-built rental housing in the southern Ontario market by delivering quality, long-term livable development projects with rich amenities that enhance the living experience of its community members. Current active projects are in the growing markets of Barrie, Guelph, Hamilton, as well as in the Greater Toronto Area.
About Cranson Capital
Cranson Capital is a boutique investment banking firm specializing in Canadian Private Equity Real Estate. The firm’s offerings include 17 active real estate projects with a total completion value of over $3B. Cranson Capital is committed to providing investors with the opportunity to build wealth through long-term private investment opportunities in Canadian real estate.
This press release contains “forward-looking statements” including statements with respect to the Pinemount Gorman Park Limited Partnership development, potential returns and appreciation of land values. All forward-looking statements are based on current beliefs as well as various assumptions. By their very nature, forward-looking statements involve inherent risks and uncertainties. Readers should not rely on these forward-looking statements, as a number of important factors could cause the actual outcomes to differ materially. Neither Pinemount Gorman Park Limited Partnership nor Cranson Capital undertakes to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of Pinemount Gorman Park Limited Partnership except as may be required by law. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Pinemount Gorman Park Limited Partnership.
Pinemount Developments Ltd.
Devon Cranson, CPA, CMA
T: 416-595-5550 ext. 4056