JV Secures $78 Million Construction Loan from Bank OZK
Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and real estate investment firm Canyon Partners Real Estate, have announced the formation of a new joint venture to develop Navona, a garden-style, 400-unit luxury multifamily rental community in the Phoenix suburb of Mesa, Arizona. The joint venture has secured a $78 million construction loan from Bank OZK. The equity and debt were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development of Navona.
Navona is adjacent to the SR-24 expansion in Mesa, one of the fastest growing submarkets in the Phoenix metro area providing convenient access to main employment corridors. Recent expansions to the area include Intel’s Chandler Campus, bringing an estimated 18,000 jobs to the local community… Read More