Toll Brothers Apartment Living® and Sundance Bay Announce Joint Venture to Develop 344-Unit Mixed-Use Rental Community in Philadelphia
Toll Brothers, Inc. (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental division, and Sundance Bay, a leading private real estate investment and operating firm, announced the formation of a new joint venture to develop Broad & Noble, a 344-unit, mixed-use rental apartment community in Philadelphia, Pa. The project is being financed through a $100.2 million construction loan facility from Wells Fargo. The debt and equity were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living (TBAL) will manage the development, marketing, and property management.
Broad & Noble will consist of 344 rental apartments in an 18-story high-rise building. The project includes 106 underground parking spaces, 16,176 square feet of amenity space, and 10,440 square feet of street-level retail. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness center; music, media and podcast rooms; conservatory and private dining rooms; yoga and cycling studio with video classes; and sky lounge with outdoor deck area. Additional features include a landscaped plaza adjacent to ground floor retail, private storage areas, access-controlled garage with bike storage, package concierge, and pet spa.
Broad & Noble is located within a 10-minute walk of Philadelphia’s City Hall and the Center City financial corridor. The community sits between Center City and one of Philadelphia’s hottest new neighborhoods, Callowhill Spring Arts. Callowhill is home to the city’s High Line known as “The Rail Park”, several award-winning restaurants and breweries, and the recently transformed historic Metropolitan Opera House, a modern performing arts and concert venue now called The Met Philadelphia. With a WalkScore of 95 and a TransitScore of 100, residents can walk to specialty grocers like Whole Foods and Trader Joe’s and upscale retail on Walnut and Chestnut Streets.
“Toll Brothers is thrilled to develop Broad & Noble, our first luxury apartment community in the Philadelphia region, where our company was founded over 50 years ago,” said Charles Elliott, President of Toll Brothers Apartment Living. “We are excited to bring the elevated living experience we are known for to this vibrant and growing neighborhood.”
Fred Cooper, Toll Brothers’ Senior Vice President, Finance and Investor Relations, stated: “While Toll Brothers has built numerous for-sale residential communities in Philadelphia over the past several decades, Broad & Noble is our first high-rise and rental in our home city of Philadelphia. Broad & Noble is the second in a series of dynamic and transformative projects we will be developing in Opportunity Zones across the U.S. We are excited to team with Sundance Bay and Wells Fargo on this significant project.”
Ryan Baughman, Managing Partner for Sundance Bay, stated: “We could not be more enthusiastic to partner with Toll Brothers and deliver these vibrant and modern apartment homes to a community that is rich with history, culture, amenities and growth potential.”
Please visit 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 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 www.TollBrothers.com.
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 TollBrothersApartmentLiving.com.
About Sundance Bay
Sundance Bay is a private real estate investment firm headquartered in Salt Lake City. With over $1 billion of assets under management, Sundance Bay specializes in middle-market multifamily investing, net lease investing, and debt lending. Across its different verticals, Sundance Bay seeks to create lasting value for the Firm’s investors and communities in which they invest. For more information about Sundance Bay, please visit SundanceBay.com.
Frederick N. Cooper – Media Contact – firstname.lastname@example.org – (215) 938-8312
Source: Toll Brothers, Inc.