Toll Brothers Apartment Living and Willton Investment Management Announce Joint Venture to Develop 456-Unit Luxury Rental Community in Phoenix, Arizona

  • 11/09/23
  • Announcements
Exterior rendering of Lumara, a lowrise apartment building with trees along the sidewalk

JV Secures $86 Million Construction Loan from Santander Bank N.A. and Alerus

Toll Brothers, Inc. (NYSE: TOL) (, the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and Willton Investment Management have announced a new joint venture to develop Lumara, a four-story, 456-unit multifamily rental community in Phoenix, Ariz. The project is being financed through an $86 million construction loan facility from Santander Bank N.A. as agent and Alerus. The equity and debt were arranged by Toll Brothers’ in-house Finance Department.

The community will consist of 456 rental apartments and more than 700 parking spaces, including some with EV (electric vehicle) charging stations… Read More