Toll Brothers Apartment Living and Pondmoon Capital Holdings USA Announce Joint Venture
Toll Brothers, Inc., the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and Pondmoon Capital USA have announced a new joint venture to develop Mirra, a five-story, 285-unit multifamily rental community in Frisco, Texas. The project, on which construction will commence in February 2023, is being financed through a $49.5 million construction loan facility from Santander Bank N.A. The equity and debt were arranged by Toll Brothers’ in-house Finance Department.
The community will consist of 285 rental apartments as well as a 447-space parking garage. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness studio, a resort-style pool, expansive coworking spaces, a clubroom, a social mail lounge, a bike lounge, and an outdoor lounge with gaming and barbecue.
Mirra is located on a 2.96-acre lot in Frisco Square Town Center, in the heart of Frisco, Texas, and is adjacent to two other properties Toll Brothers developed with other partners. The community is ideally positioned at the intersection of Oglethorpe and Church St., adjacent to the Dallas North Tollway, a major thoroughfare providing direct access to large employment corridors including Frisco Square, Legacy Business Park, Granite Business Park, the new PGA of America headquarters, Legacy West, Hall Park, and The Star, which is located within the $5 Billion Mile. DFW International Airport, Dallas Love Field Airport, and the city of Dallas are easily accessible by car.
“As we continue expanding our presence in Texas, we look forward to bringing another luxury community to the Dallas-Fort Worth market with Mirra, which will introduce thoughtfully designed and uniquely elevated apartment homes for the most discerning residents in Frisco,” said Charles Elliott, President of Toll Brothers Apartment Living. “Mirra will offer everything our residents have come to expect from Toll Brothers Apartment Living communities, including exceptional quality, luxury, and service that exemplifies the very best Texas hospitality.”
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers said, “We are excited to be undertaking our fourth project with Pondmoon across a wide range of markets, including metro Los Angeles, Atlanta, and Dallas. Santander has also financed multiple projects with us, and we are pleased to have their continued support for Mirra as well.”
Patrick Chen, CEO for Pondmoon Capital said, “Mirra is a showcase of our continued commitment in the Sun Belt region and in solid partnerships with first-class developers like Toll Brothers. We are particularly excited about the Frisco market, which is a center of the rapid growth in North Dallas. The recent announcement of a new Universal Studios just minutes north of our site is an example of its attractiveness. We look forward to contributing to a topnotch residential community at Frisco Square.”
For future updates and information regarding this community, please visit TollBrothersApartmentLiving.com.
About Toll Brothers
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 55 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 over 60 markets 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.
Toll Brothers was named the World’s Most Admired Homebuilder in FORTUNE magazine’s 2022 survey of the World’s Most Admired Companies®, the seventh year it has been so honored. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.
Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).
About Toll Brothers Apartment Living
Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL), an award-winning FORTUNE 500 company, and the nation’s leading builder of luxury homes. Toll Brothers Apartment Living brings the same quality, luxury, and service for which Toll Brothers is known to its exceptional rental and mixed-use communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix, and Washington, DC. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of America’s Luxury Home Builder®. In 2022, NMHC ranked Toll Brothers Apartment Living the 11th largest apartment developer in the United States. The firm has developed nearly 8,900 units, has nearly 5,000 units under management, and controls a national pipeline of more than 17,500 units. For more information visit TollBrothersApartmentLiving.com.
About Pondmoon Capital
Founded in 2014, Pondmoon Capital USA, formerly known as JD Capital USA, is a privately held investment manager. Pondmoon Capital primarily focuses on investments in rental apartment development across major metropolitan areas in the U.S., including New York City, Washington D.C., Chicago, Minneapolis, Atlanta, Dallas, San Francisco, and Los Angeles. The firm’s total investment consists of over 3,500 apartment or hotel units and over two million square feet of apartment and retail space. Learn more about Pondmoon Capital at pondmoon.com.
Frederick N. Cooper – Media Contact – email@example.com – (215) 938-8312
Source: Toll Brothers, Inc.