Toll Brothers, Inc. a national builder of luxury homes, through its Toll Brothers Apartment Living rental division, and Harris Realty Company LLC have announced a new joint venture to develop Piper, a six-story, 393-unit multifamily rental community in Norwalk, Conn. The project is being financed through a $136 million construction loan facility from Wells Fargo N.A. as agent and TD Bank. Toll Brothers’ in-house Finance Department arranged the equity and debt.
The community will consist of 393 rental apartments, including 356 market-rate and 37 affordable units. Piper will include nearly 24,000 square feet of ground-floor retail, with flexibility for multiple uses, ranging from a single-tenant market to multiple boutiques, restaurants, or cafes.
John McCullough, President of Toll Brothers Apartment Living, said, “As our second project to break ground in the economically dynamic southeastern Connecticut corridor, following Julius, our 356-unit community in Stamford, we are excited to add Piper to our growing portfolio of luxury rental communities across the northeast. Piper will elevate the level of luxury available among the residential rental offerings in Norwalk and introduce the same extraordinary living experience that we are known for nationwide.”
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, “We are pleased to be teaming with Harris Realty to undertake this unique project. We appreciate the support and value of our long-time relationships with Wells Fargo and TD Bank which have shown their confidence to provide us this $136 million construction loan in this challenging environment. Piper is Toll Brothers’ fourth project being built in Opportunity Zones across the U.S. We are looking forward to developing this dynamic community.”
Marvin Strauss, Executive Vice President of Harris Realty, said “Harris Realty is grateful to have been given the opportunity to partner with Toll Brothers in this project. Toll Brothers’ quality home building skills and reputation align with our standard for excellence.”