Toll Brothers Apartment Living and CrossHarbor Capital Partners Form Joint Venture to Develop 355-Unit Luxury Rental Community in Stamford
STAMFORD, CT – Toll Brothers, the nation’s leading luxury home builder, through its Toll Brothers apartment rental division, and CrossHarbor Capital Partners announced a new joint venture to develop 777 Summer, a rental community 355-unit multifamily in Stamford, Conn. The project, which will be Toll Brothers Apartment Living’s first development in Connecticut, is being financed through a $94 million construction loan facility from Capital One, NA as agent and Comerica Bank. The debt was arranged by Toll Brothers’ in-house finance department, with JLL advising on the equity financing.
The 777 Summer will be located at the epicenter of rapidly developing downtown Stamford and within walking distance of Stamford’s transportation hub, providing convenient connectivity to Midtown Manhattan and major Connecticut job hubs such as New Haven , Hartford and Greenwich via Metro-North Railroad and Amtrak, as well as nearby I-95. The location is adjacent to “Restaurant Row” on Bedford Street, providing residents with plenty of dining and nightlife options close to home.
777 Summer is a 355-unit luxury multi-family project that will include 333 market-priced units and 22 affordable units. The project will feature high-end luxury finishes and top-notch amenities including a state-of-the-art fitness center, resort-style swimming pool, luxurious club room, games room, co-working space, studio of art, a roof terrace, café-bar, pet wash and high-speed Wi-Fi throughout the property.
Charles Elliott, President of Toll Brothers Apartment Living, said, “We are thrilled to have the opportunity to continue our expansion into the robust Northeast market with our first multi-family rental community in Connecticut. 777 Summer will join a variety of other Toll Brothers Apartment Living projects across the region in bringing the elevated living experience that Toll is well known for to Stamford.
Fred Cooper, Senior Vice President, Finance and Investor Relations, Toll Brothers, said, “777 Summer represents the fourth Opportunity Zone project Toll Brothers has undertaken in markets coast to coast. It builds on our strong relationships with CrossHarbor, which includes both student and market rate housing development projects, and with lenders Capital One and Comerica Bank, as we continue to develop our Toll Brothers Apartment platforms. Living and Campus Living across the United States.
Tom Stevens, Co-Portfolio Manager and Managing Director of CrossHarbor Capital Partners, said: “We are delighted to extend our strong and long-standing relationship with Toll Brothers and to partner in the development of another luxury residential community. . 777 Summer captures many of the themes we seek in our multifamily investments: premium sponsorship, market-leading design and quality, access to public transportation and employment, and easy access to dining and entertainment. »