JV Secures $86 Million Construction Loan from Santander Bank N.A. and Alerus
Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), 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