A goal without a plan is not a goal. It is simply a wish. So when it comes to your home, are you simply wishing it becomes a good investment, or have you taken the necessary steps to ensure that it already is?
At Graywood, we’re working hard to create communities that are not just optimized for life today, but built with a vision of a prosperous tomorrow. With a keen eye on how, and where people want to live, and a passion for projects that get noticed and endure, we work hard to ensure that our purchasers are making the right investment, both personally and financially.
Because if a home is one of the biggest investments you’ll ever make, shouldn’t your real estate developer also be an investment expert? We think so, and that’s why we’re both.
We are developers and investors.
A Toronto-based private investment management company that specializes in the development of real estate properties of exceptional quality in Canada, as well as select markets in the United States.
Graywood does more.
Our unique expertise incorporates a wealth of services from acquiring development sites, deal underwriting and structuring to all aspects of development management including land use approvals, project design, sales, marketing, construction management and project financing.
Our investments are primarily made through partnerships with institutions, pension plans, family offices, high-net-worth individuals, land owners and residential home builders.
For over three decades, we’ve been looking to the future.
Founded in 1985 by Garnet Watchorn and Moshe Tamari, Graywood provides a full range of real estate development and investment services, with a team that now includes over forty professionals and support staff.
If you want to talk numbers, Graywood has developed over 28,000 housing units in several asset classes including residential lots, low-rise housing, mid- and high-rise condominiums, hotels and retirement residences, with a combined value of over $5.4 billion. Graywood currently has over 3,300 units (3.8 million sq. ft.) under development with a value of over $1.7 billion.
Graywood brings more expertise to everyday development.
Our impressive team consists of leading authorities from the worlds of real estate and investment.
President and Chief Executive Officer
Stephen PricePresident and Chief Executive Officer
Stephen provides overall leadership to the Company. He is responsible for developing and managing the implementation of Graywood's operating and growth strategies. During Stephen's 10 years at Graywood, he has led the fundraising of over $310 million in equity and overseen developments valued at over $2.5 billion.
Stephen has 28 years of real estate industry experience, having held senior acquisitions, finance and operating roles with Canadian private and public companies. He has led the acquisition, development and asset management of properties in multiple asset classes including retail, industrial, office, multi-residential, retirement home, and hospitality.
Prior to joining Graywood in 2007, Stephen was Senior Vice President of GWL Realty Advisors, a Canadian real estate advisor to institutional investors, and was responsible for the growth and management of its $2.2 billion multi-residential portfolio. He was also co-founder and Executive Vice President of Acanthus Real Estate Corporation, a TSX listed company acquired by a subsidiary of the Caisse de Depot.
Stephen is a CFA charterholder and holds an Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.
Chief Financial Officer
David DinniwellChief Financial Officer
David is responsible for the financial management of Graywood and its funds and leads the Company's project financing activities. Since joining Graywood, David has been involved in over $200 million in equity fundraising and led over $900 million in debt financing.
David has 22 years of real estate finance and accounting experience having held senior financial positions with private and public real estate companies.
Throughout his career, David has been involved in $2.0 billion of debt and equity financings. Prior to joining Graywood in 2010, he was Chief Financial Officer of lnStorage REIT, a TSX listed REIT.
David has also been Chief Financial Officer of IPC US REIT, a TSX listed REIT, and also held senior finance positions at Fairmont Hotels & Resorts Inc. and Ernst & Young LLP.
David is a Chartered Accountant (CA), a CFA charterholder and holds an Honours Bachelor of Commerce degree from the Michael G. DeGroote School of Business, McMaster.
Chief Development Officer
David HamiltonChief Development Officer
David has overall leadership responsibilities for Graywood's development project management activities. David currently leads the development of over 3,500 units (3.8 million sq. ft.) with a value of $1.7 billion.
David has 33 years of experience leading residential and commercial real estate development projects, construction and asset management at both public and private organizations, where he has successfully led the development of $1 billion of office, retail and retirement home projects.
Prior to joining Graywood in 2013, David was Senior Vice President Real Estate Asset Management with Revera Inc., he was also a Senior Development Executive with The Cadillac Fairview Corporation.
David is a Professional Engineer and he also holds a Masters in Business Administration from York University and a B.A.Sc., Civil Engineering from the University of Waterloo.
Development Project Management
Adidharma PurnomoVice President,
Development Project Management
Adi is responsible for development project management at Graywood, and for the overall approval and delivery of developments within his portfolio.
Adi has over 20 years of experience working in residential developments and working in various capacities for private developers in North America. During that time Adi has successfully delivered over $2 billion of residential mixed-use projects in Canada and the US.
Prior to joining Graywood in 2014, Adi was a Development Manager at Concord Adex where he worked on Concord CityPlace and Concord Park Place, two of the largest residential developments in Toronto. He was also a Project Manager and Project Architect for architectsAlliance in Toronto and Handel Architects in New York.
Adi holds a Master of Science Degree in Real Estate Development from New York University and a Bachelor Degree in Architecture from Cornell University.
Alan ChristensenVice President,
Alan leads construction management activities for Graywood and provides support to Graywood’s acquisition, development and marketing teams. He is also responsible for the project delivery process.
Over his 30 years in construction, Alan’s projects have included multi-use high rise residential condominiums, residential rental apartments, retirement residences and long-term care facilities.
Prior to joining Graywood, Alan was engaged in project management with leading constructors such as EGM Cape and Reliance, and real estate developers including Tridel and Daniels.
Alan is a Professional Engineer and holds a Masters in Business Administration from the Schulich School of Business and a B.A.Sc. in Civil Engineering from the University of Waterloo. Alan is also a LEED Accredited Professional.
Sales & Marketing
Heather LloydVice President,
Sales & Marketing
Heather is responsible for leading the sales and marketing of active communities within Graywood’s portfolio, as well as overseeing Graywood’s corporate branding.
Heather has nearly 15 years of experience in the real estate industry. Prior to joining Graywood in 2017, Heather was the Director of Marketing for The Daniels Corporation, where she led the marketing on several landmark communities within the GTA, including Festival Tower condominiums atop TIFF Bell Lightbox, the 69-acre revitalization of Regent Park, and FirstHome™ Communities throughout the GTA. Heather was also a Research Assistant at N. Barry Lyon Consultants Inc. (NBLC) assisting in numerous site study reports and contributing to Urbanation.
Heather attended the University of Western Ontario, where she earned her Bachelor of Arts.
Percy BunburyVice President,
Percy is responsible for the management of project finances and is actively involved in acquisitions, dispositions and asset management for Graywood.
Percy has over 30 years of business, accounting and tax experience in the real estate sector. Prior to joining Graywood, Percy carried on a sole proprietorship public accountancy practice that provided services to clients in the real estate and insurance sectors. Percy has also held senior positions at Manulife Financial where he was in charge of US individual insurance financial reporting, together with investments and reserves management.
Percy is a Chartered Professional Accountant, a Chartered Accountant (CA) via PricewaterhouseCoopers, and a Certified Public Accountant (Illinois) through the University of Illinois, USA.
Vice President and Corporate Controller
Michael LabenskiVice President and Corporate Controller
Michael is responsible for the financial reporting, forecasting, accounting, cash management and internal control environment of Graywood and its funds.
Michael has over 16 years of experience in accounting and finance in both the public and private sectors.
Prior to joining Graywood, Michael held a senior finance position at Norbord Inc., a subsidiary of Brookfield Asset Management Inc., managing corporate accounting, financial reporting and internal controls.
Michael is a Chartered Accountant (CA) and holds an Honours Bachelor of Commerce degree from the University of Windsor.
Development Project Management
Neil PattisonVice President,
Development Project Management
Neil is responsible for development project management at Graywood, and for the overall approval and delivery of developments within his portfolio.
Neil has 20 years of experience in leading residential and mixed-use developments working for private developers, Provincial Government and private planning consultants in Canada and the United Kingdom. During this time Neil has worked on delivering over 20 high-rise and mid-rise developments including some 5,000 residential units together with over 500,000 sq. ft. of commercial space.
Prior to joining Graywood in 2015, Neil was Director of Development for The Daniels Corporation where he worked on numerous landmark developments in Toronto. He was also previously a Project Manager at Ontario Realty Corporation and a Planner at Walker Nott Dragicevic in Toronto.
Neil is a Registered Professional Planner with the Ontario Professional Planners Institute and the Canadian Institute of Planners. He holds Bachelor degrees in Planning Studies and Town Planning from Sheffield Hallam University, United Kingdom.
Christine is responsible for development project management at Graywood, and the overall approval and delivery of low-rise developments.
Christine has 20 years of experience in land development projects within retail commercial, hotel, mixed use and industrial asset classes. Her experience extends to consulting land developers and working for corporate retailers on properties across the country.
Prior to joining to Graywood in 2018, Christine was Director of Real Estate Planning at Sobeys Inc. where she managed the development of retail centres, stand-alone stores and mixed-use projects across Ontario. Christine also worked as an Associate in private planning consulting for Gordon Driedger Real Estate Advisors and IBI Group.
Christine holds a Masters of Business Administration from the University of Ottawa, and a BES in Urban & Regional Planning from the University of Waterloo. Christine is also a Registered Planner with the Ontario Professional Planners Institute and Canadian Institute of Planners.
Development Project Management
Development Project Management
Patrick is responsible for development project management at Graywood and for the overall approval and delivery of developments in the Calgary Metropolitan Area.
Patrick has over 10 years of experience working in residential developments and in various capacities for private developers in Alberta. Patrick has managed the development of over 1000 single family lots and suburban commercial development from entitlements to sales and marketing.
Prior to joining Graywood in 2016, Patrick was a Senior Development Manager at Genstar Development Company, where he managed Genstar’s south Calgary operations including the Shawnee Slopes Golf Course Redevelopment, the subdivision of Walden and the Rangeview growth area. He was also Development Manager for WestCreek Developments in Calgary.
Patrick holds a Master of Business Administration and a Bachelor degree in Economics from The University of Calgary.
Aleks is responsible for the management of Graywood’s private equity fundraising program as well as the analysis and underwriting of new real estate development opportunities. During his 6 years at Graywood Aleks has been involved in over $240 million in equity fundraising.
Prior to joining the investment team in 2013, Aleks was an Assistant Controller at Graywood and was responsible for project and fund financial reporting. Prior to joining Graywood, Aleks spent four years with RSM Richter LLP (now part of Ernst & Young) where he led audit and tax engagements for clients in real estate and other sectors.
Aleks is a designated Chartered Professional Accountant (CPA, CA) and is a CFA Institute Charterholder (CFA). Aleks received his Honours Bachelor of Business Administration degree from the Schulich School of Business at York University.
Jason is responsible for sourcing, evaluating and completing the acquisition of new properties for development.
Jason has 13 years of real estate investment, development and finance experience in residential and commercial properties in both Canada and the United States. During his career Jason has completed transactions and financings totaling over $2.0 billion.
Prior to joining Graywood, Jason held various investment and finance roles for two private development managers, a large global real estate advisor and a large Canadian REIT.
Jason holds a Master of Science Degree in Real Estate Development from New York University and an Honors Business Administration degree from the Richard lvey School of Business at the University of Western Ontario.
The Board of Directors at Graywood are renowned for their insight and experience throughout the real estate, law and investment communities.
Garnet Watchorn is a co-founder of Graywood. Garnet chairs the Board of Directors, Investment Committee and Advisory Board. He also maintains relationships with equity partners, lenders and other stakeholders. Garnet has over 50 years of real estate and investment experience in a senior executive and principal capacity. Prior to co-founding Graywood in 1985, Garnet was President of Cavendish Investing Ltd., a Canadian investment and venture capital corporation with assets throughout Canada and the United States.
John UlmerVICE CHAIRMAN
John Ulmer is Graywood’s Vice Chairman, and a member of the Investment Committee and Advisory Board. John is a partner of Davies Ward Phillips & Vineberg LLP, one of Canada’s leading law firms with offices in Toronto, Montreal and New York, as well as a senior member of the firm’s tax group. John advises on tax aspects of domestic and international business ventures for significant public and private companies in Canada, the U.S. and Europe, with a focus on the real estate industry. He is lead adviser to a number of Canadian-based multinational groups on the tax structuring of their global investments.
Graham Watchorn is a Director and a member of the Investment Committee and Advisory Board. Graham combines 20 years of experience in both real estate and capital markets. He has worked in equity research, corporate finance, and institutional wealth management.
David Ulmer is a Director and a member of the Investment Committee and Advisory Board. David specializes in real estate development and property management. In 2010, David co-founded Ridgemount Group Ltd., which pursues real estate investment opportunities including mezzanine financing, multi-residential income property acquisitions and land development assemblies in Canada and the United States. David is a member of the New York Bar.
In addition to Garnet Watchorn, Chairman of Graywood, and John Ulmer, Vice Chairman of Graywood, our advisory board consists of senior corporate leaders who have significant experience in the real estate industry.
Greg KalilFOUNDER & MANAGING PARTNER, STORMONT PARTNERS
Greg Kalil is the founder and Managing Partner of Stormont Partners, a real estate and infrastructure focused merchant banking business based in Toronto. Prior to forming Stormont, Greg spent 12 years with Brookfield Asset Management where he led the Canadian investment banking business and was the global head of the company’s healthcare advisory business. Greg has over 30 years of experience in direct real estate investment and investment banking advisory in Canada, the U.S. and the U.K.
Derek WatchornCORPORATE DIRECTOR
Derek Watchorn, a lawyer by trade, has extensive experience in the real estate industry through a variety of senior management and director positions he has held with both public and private organizations in Canada and the UK. Previously, Derek was CEO of Revera Inc., one of North America’s foremost providers of accommodation, care and services for seniors. For the past 7 years, Derek has been a member of the Management Committee involved in the proposed redevelopment of Buttonville Airport In Markham, Ontario. He has been a member of the Advisory Board of Graywood for the past four years.
Fred WaksPRESIDENT AND CHIEF EXECUTIVE OFFICER, TRINITY DEVELOPMENT GROUP INC.
Fred Waks is President and Chief Executive Officer at Trinity Development Group Inc. providing overall leadership to Trinity, one of Canada's leading developers of retail and mixed-use properties. Fred has over 37 years of commercial real estate experience. Previously, he was President and Chief Operating Officer of RioCan.
Michael DennisCHAIRMAN AND CO-FOUNDER, AZURE PARTNERS LLC.
Michael is responsible for all real estate activities of Azure, a real estate investment and development company with properties in the United States, Canada, the United Kingdom and Germany.