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Toll Brothers Apartment Living and EJF Capital LLC Announce Joint Venture to Develop 218-Unit Rental Community in Santa Ana, California

General News
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Toll Brothers, Inc. (“Toll Brothers”), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental subsidiary, and EJF Capital LLC have announced the formation of a new joint venture to develop Rafferty, a 218-unit multifamily rental community in Santa Ana, Calif. The project is being financed through a $66 million construction loan facility from Santander Bank, N.A. The debt was arranged by Toll Brothers’ in-house Finance Department. Berkadia JV Equity & Structured Capital arranged the equity financing.

Rafferty is located in the heart of historic, walkable downtown Santa Ana, in the center of restaurants, retail and other entertainment including the 4th Street Market, McFadden Public Market food halls, and the independent Frida Cinema. The centralized location in Orange County, including the addition of the OC Streetcar at the property’s front door, offers a commute of under an hour to downtown Los Angeles by car or rail. The property is a short drive to John Wayne Airport and Orange County’s leading employment centers, such as South Coast Metro, Newport Center, and Irvine Spectrum.

Rafferty will consist of 218 rental apartments in two buildings, one five-story and one seven-story, with a total of 328 parking spaces. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness center, resident lounge, maker’s room, jam room, speakeasy, co-working space, and sky lounge with outdoor terrace. Outdoor amenities include a resort-style pool, seating with grills and fire pit, and outdoor fitness equipment. Rafferty will also offer 12,350 square feet of ground-floor commercial space along Main and 4th Streets. This space is projected to include opportunities for restaurant, fitness, service, and retail uses.

Charles Elliott, President of Toll Brothers Apartment Living, stated: “We are excited to continue our expansion in Orange County and bring our elevated offerings to historic Santa Ana. We look forward to becoming an active partner for the residents and businesses of this vibrant community.”

Fred Cooper, Toll Brothers’ Senior Vice President, Finance and Investor Relations, stated: “Rafferty represents the first in a series of exciting transformative projects Toll Brothers will be developing in Opportunity Zones across the U.S. and will make a significant contribution to the vitality and energy of Santa Ana’s historic downtown lifestyle. We look forward to working with EJF and Santander Bank to bring this dynamic project to fruition.”

“Santa Ana is in the middle of an incredibly dynamic county, yet the majority of its residents commute to jobs outside the area,” concluded Asheel Shah, EJF’s Senior Managing Director and Head of Real Estate Development. “We believe this combined imbalance is driven by the lack of new multifamily housing opportunities in downtown Santa Ana, and that Rafferty is well-positioned to capture unmet demand for multifamily living in this community.”

Please visit 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 was founded over 50 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 first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries.
The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. 2021 marks the 10th year Toll Brothers has been named to FORTUNE magazine’s World’s Most Admired Companies® list. Toll Brothers has also been honored as Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year by Professional Builder magazine. For more information visit

About Toll Brothers Apartment Living®

Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL). Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale rental communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment Living was ranked 11th largest apartment developer in the U.S. in 2020 by the National Multi-Family Housing Council. The firm has developed more than 8,100 units, has more 5,300 units under management and controls a national pipeline of more than 14,800 units. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of the nation’s leading builder of luxury homes. For more information visit

About EJF Capital LLC

EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. As of June 30, 2021, EJF manages approximately $6.0 billion across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. Since inception, EJF has focused on regulatory event-driven investment themes including its strategy to invest in Opportunity Zones. EJF formed the EJF OpZone Fund I LP and the EJF OpZone Fund II LP (the “Funds”) to take advantage of certain benefits provided by the TCJA. Benefits to U.S. taxable investors include the ability for investors to (1) defer the recognition of recent capital gains for federal income tax purposes until 2026 (treatment of capital gains varies by state), (2) reduce the amount of capital gains recognized in 2026 by 10% (for investors investing by 2021), and (3) eliminate any federal capital gains tax generated from investments in the Funds (for investors in the Funds at least ten years). If you would like more information on the Fund, please visit or contact EJF Investor Relations at


Frederick N. Cooper – Media Contact – – (215) 938-8312

Source: Toll Brothers, Inc.