US luxury homes builder Toll Brothers has partnered with Willton Investment Management to develop a 456-unit multifamily rental community in Arizona.
Toll Brothers, through its apartment living rental division, has formed a joint venture with Willton Investment to develop the four-storey Lumara community in the Deer Valley submarket in North Phoenix.
The project is being financed through an $86m (€80.6m) construction loan facility from Santander Bank as agent and Alerus with equity and debt arranged by the finance team at Toll Brothers.
With the Lumara project, Toll Brothers Apartment Living now has six multifamily community developments completed or under construction in Arizona totalling over 2,150 units.
John McCullough, president of Toll Brothers Apartment Living, said: “With strong growth in the area, including a burgeoning tech manufacturing presence nearby, Lumara will be a welcome addition to this North Phoenix location that is poised for further expansion.”
Fred Cooper, SVP of finance and investor relations for Toll Brothers, said: “We are excited to be partnering on our first transaction with Willton, whom we have known and admired for many years.
”We are also pleased to close another construction loan with Santander, whose relationship with us stretches across many projects and many US markets, and to welcome Alerus to our lender family.”
Chris Luo, CEO of Willton Investment Management, said: “We are very excited to begin this new partnership with Toll Brothers and grow our investment footprint in Phoenix. Lumara will benefit from best-in-class sponsorship, market-leading design and quality, and convenient access to employment.”
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