TORONTO, July 06, 2016 – Cranson Capital Securities Inc. is pleased to announce a successful capital raise of $17.5 million for the 5888 Yonge Street Fund, a Plazacorp (“Plaza”) residential condominium development. As expected, this offering sold out quickly. The capital was raised from over 200 investors, both accredited and eligible, for the purpose of building a 525-unit residential condominium development in Toronto’s emerging Yonge-Finch area.
The development site is located in the Newtonbrook area at 5888 Yonge Street, less than 500 metres from Finch Station which is the 3rd busiest transit hub in the Greater Toronto Area, servicing TTC, GO and VIVA. Development to the south of Finch through the Yonge Street corridor has increased significantly and the Newtonbrook area is the next extension. With proposals in place to redevelop the Newtonbrook Plaza, this neighborhood is set for drastic changes. Toronto continues to experience a major housing supply issue, while demand continues to increase due to population growth. Neighborhoods like Newtonbrook that have great access to transit are prime areas for redevelopment. “We expect a significant increase in development in the Yonge Street North corridor and believe this area is soon to be established as a more urbanized centre due to the strong demand for housing,” commented Anthony Heller, President of Plaza.
The 5888 Yonge Street Fund gives investors the ability to be equity partners directly with Plaza on the development project. Plaza is one of Toronto’s leading developers, having built over 10,000 homes in the GTA. Plaza has a proven track record of completing successful development projects and generating significant returns for investors. “Development projects along the Yonge subway line continue to enjoy premium demand and we view this to be a great development site,” says Devon Cranson, Founder and President of Cranson Capital Securities. “We look forward to continue working with top tier developers like Plaza to provide housing supply for Toronto’s growing population,” he added.
Plaza is one of Toronto’s most experienced residential condominium construction and development organizations with over 10,000 condominium suites either already completed or under construction. Since 1981, the Plaza philosophy of providing a high level of standard quality in every condominium built has made its name synonymous with lasting value. Plaza was among the first condominium developers and builders in Toronto to include such finishes as granite counters and floors, marble bathroom counters and floors, halogen lighting, under-mount sinks, porcelain tile, engineered hardwood floors and stainless steel appliances as standard features rather than costly upgrades. Plaza developments can be found in many of Toronto’s most desirable urban neighbourhoods including Yorkville, North Toronto, King West, Queen West, Lawrence Park, Liberty Village, St. Lawrence Market, Harbourfront, and Mt. Pleasant Village.
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 our 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 our entrepreneurs. For more information visit: www.cransoncapital.com