HORSHAM, Pa., Nov. 18, 2019 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental subsidiary, and JD Capital USA, have announced the formation of a new joint venture to develop a 262-unit luxury apartment community in the City of Orange, CA. The joint venture has secured a $74 million construction loan facility from Capital One National Association, serving as administrative agent, and California Bank & Trust. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the project’s development, marketing and leasing.
The City of Orange has long been one of the most desirable parts of Orange County due to its exceptional schools, central location, and proximity to major employment centers. The project is walkable to a variety of employers, such as St. Joseph’s Hospital and Children’s Hospital of California, and amenities including numerous restaurants, boutique shops and high-end retailers located in and around the Main Place Mall and The Outlets at Orange. Within a 3-mile radius of the community there are approximately 24.2 million SF of office space, 12.3 million SF of retail space and 19.5 million SF of industrial space.
A 5-story mid-rise, the project offers a premium location with excellent access to greater Orange County, Los Angeles and San Diego. Amenities will include a resort-style pool, fitness center, well-appointed community lounges, co-working center, pet grooming spa, private dining and prep kitchen, indoor bike racks and a 463-space parking garage. Leasing and first move-ins are projected for late 2020. The project will be one of a few luxury rental communities to deliver in 2020 in the City of Orange.
“Toll Brothers Apartment Living is excited to open our first California community in Orange County. Our communities have been well received nationally and we expect this community to maintain this trend,” Charles Elliott, President, Toll Brothers Apartment Living, said. “The project benefits from great access to the region and a strong employment base that Orange offers. We also have the advantage of leveraging our 25-year for-sale brand presence in Southern California.”
Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, said: “We are pleased to be teaming with JD Capital, whose roster of partners and track record in California are impressive. We are also pleased to have the support of our lenders, Capital One and California Bank & Trust on this great project.”
Patrick Chen, CEO of JD Capital USA, said, "We are honored to partner with a world class developer, Toll Brothers, and we are excited to contribute to the prosperity of Orange County."
Please visit www.TollBrothersApartmentLiving.com for future updates and information regarding the community.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. It operates in 23 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia.
