TORONTO, December 18, 2018 – Cranson Capital Securities Inc. has completed a $5.2 million capital raise for the 1569 Simcoe Street North Limited Partnership. Podium Developments will be developing a community consisting of 125 townhomes on Simcoe Street North in Oshawa just south of Highway 407.
The development will be built on an 11.5 acre site with the townhomes occupying 4.5 acres and the remaining 7 acres preserved as protected greenspace and private park space, including community gardens, a playground, a sports field, and an off leash dog park for the exclusive use of residents to enjoy. The townhomes will feature either 3 or 4 bedrooms, 2-car parking and a rooftop terrace or backyard with deck. At an average selling price of $584,000 per home, this Limited Partnership gives 83 accredited investors the opportunity to earn 74.8% total return over a 3.5 year investment horizon.
“There is significant residential and commercial development happening in North Oshawa” says Devon Cranson, President and founder of Cranson Capital Securities Inc. “The region’s proximity to the University of Ontario Institute of Technology (UOIT) and Durham College, as well as major highways and transit routes make this vibrant community a great place to invest.”
Toronto continues to experience a major housing supply issue with increasing demand caused by escalating population growth and a strong labour market. Over the last 20 years, the GTA population increased by approximately 1.9M to 6.75M and is expected to grow by another 1.8M to 8.5M by 2031. Specifically in Oshawa, population is expected to rise 3 percent in the next 5 years and the need for households is anticipated to rise by 5 percent. Housing supply has failed to keep up with the growing demand.
Co-founders of Podium, Bernard Luttmer and Oskar Johansson, are excited about the development. “In addition to the 1569 Simcoe Street North LP we also have three other projects in the area,” says Luttmer. “Oshawa is emerging as a contemporary, affordable place to live for all demographics.”
“Working with builders that have the opportunity to build affordable housing options is key as the Greater Toronto Area continues to grow” added Cranson. “We’re really excited to be working with Podium on this townhouse development in North Oshawa as we believe it will provide 125 families with an amazing living experience.”
Founded in 2004 and registered with Tarion for over a decade, Podium Developments is a respected builder with a successful track record in rezoning and developing sensitive urban infill locations. With 16 successful projects completed in Toronto, Oshawa, Barrie, Kingston and Guelph, and 9 more currently in development in both the United States and Canada, Podium Developments has developed over 2M square feet, over 2,500 units and $1B in value to-date.
About Cranson Capital
Cranson Capital is a boutique investment banking firm which focuses on providing financial and advisory services to small to medium sized growth businesses. The business consists of two divisions; Cranson Capital Securities and Cranson Capital Solutions, both of which offer unique services to support investors and entrepreneurs. Cranson Capital Securities is an Exempt Market Dealer that specializes in raising capital through private placements in real estate, growth companies and financial services. Cranson Capital Solutions is a corporate finance advisory firm which focuses on finding the right financing solutions for entrepreneurs.
This press release contains "forward-looking statements" including statements with respect to Podium Developments - 1569 Simcoe Street North Limited Partnership 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. Podium Developments - 1569 Simcoe Street North Limited Partnership does not undertake to update any forward-looking statement, whether written or oral that may be made from time to time by or on behalf of Podium Developments - 1569 Simcoe Street North 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 Podium Developments - 1569 Simcoe Street North Limited Partnership.