Graywood Developments has completed the first capital raise on its 10th private real estate development fund.

The Toronto-based company raised its initial target of $200 million for the fund launched in February. Graywood specializes in mixed-use projects. The firm said it will deploy the proceeds in residential developments in the Greater Toronto Area.

“Despite temporary challenges in the market, we remain very optimistic in our ability to generate strong risk-weighted returns as the need for new housing continues to far exceed supply,” said Stephen Price, Graywood’s president and CEO, in a news release.

Graywood said it may plan subsequent rounds for the fund in 2024. The company currently has 15 active projects that represent $5.2 billion development value.

Projects have included hotels and seniors residences.

Photo: Graywood Developments