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SOURCE Cranson Capital Securities Inc.
TORONTO, Oct. 22, 2013 /CNW/ - Cranson Capital Securities Inc. is pleased to announce today that it has successfully raised $28 million for Plazacorp ("Plaza"), a leading condo developer in Toronto and partner Bazis International ("Bazis"). The funds from the private placement came from over 170 accredited investors for the development of One Yorkville, a 53 storey condominium project in the exclusive Yorkville neighbourhood.
Investors were offered the opportunity to participate as equity partners with Plaza and Bazis on their development of One Yorkville. The Yonge-Yorkville-Cumberland Fund closed as a mutual fund trust and many investors took the tax advantageous opportunity to use their RRSP or TFSA accounts to make this investment. "We saw the opportunity to add value for our investors by developing a condominium in a great location at a price point that is competitive in the Yorkville neighbourhood," commented Anthony Heller, President of Plaza.
Based on forward looking financial projections One Yorkville should see significant returns for its investors, similar to Plaza's Liberty Village Development which completed in August 2013. Condo values in Yorkville already far exceed this conservative estimate, and the units will not go to market until spring of 2014 at the earliest. "Plaza's 25 years' experience developing condominium projects and their philosophy of building livable units with lasting value provides individual investors with the confidence to participate in these financings," said Devon Cranson, President of Cranson Capital Securities. "We are extremely pleased to offer our investors an opportunity to invest in Plaza's developments," he added.
The land assembly is complete and the zoning and planning processes are underway. Construction is expected to begin in the Fall of 2014 with occupancy anticipated in the Fall of 2018.
Plaza is one of Toronto's most experienced residential condominium construction and development organizations with over 7,000 condominium suites either already completed or under construction. Since 1982, 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 and 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 registered with the Ontario Securities Commission as an Exempt Market Dealer and specializes in raising capital from accredited investors for private placements in real estate developments, technology start-ups and high growth companies. Cranson Capital Solutions is a corporate finance advisory firm which focuses on finding the right financing solutions for our entrepreneurs.
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