JP Morgan Asset Management and Toll Brothers have formed a $157m (€138m) venture to develop a 421-unit luxury apartment community in New York.
The newly formed joint venture has secured a $102m loan facility for the development of the Carraway community.
The construction loan was secured from Wells Fargo, National Association, serving as administrative agent, and Capital One, the joint venture partners said.
Toll Brothers’ rental arm Toll Brothers Apartment Living will manage the development, marketing, leasing and property management of Carraway. Leasing and first move-ins are projected for late 2019.
Charles Elliott, the president of Toll Brothers Apartment Living, said: “Carraway will raise the calibre of luxury residential offerings in the region and complement the other mixed-use development in the vicinity, creating a new vibrant destination for the area.”
Fred Cooper, Toll Brothers’ senior vice president for finance in charge of international development and investor relations, said: “This is our first joint venture with JP Morgan Asset Management and represents another dimension to our multi-faceted relationship with JP Morgan.
“Wells Fargo and Capital One are banks with whom we have had long relationships financing urban and suburban rental and student housing projects, as well as high-rise for-sale condo projects and our corporate credit facilities.”
