Toll Brothers Apartment Living® and CrossHarbor Capital Partners Announce Joint Venture to Develop 501-Unit Rental Community in Washington, DC
Toll Brothers, Inc. (TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental division, and CrossHarbor Capital Partners have announced a new joint venture to develop 113 Potomac, a 501-unit multifamily rental community located at 113 Potomac Ave SW in Washington, DC. The project is being financed through a $162.7 million construction loan facility from Bank OZK. The debt and equity were arranged by Toll Brothers’ in-house Finance Department.
113 Potomac is located in the fast-growing Buzzard Point neighborhood within the Capitol Riverfront Business Improvement District, a dynamic, amenity-rich urban neighborhood along the Anacostia River, just south of Downtown Washington, DC, and a 4-mile drive to Amazon HQ2. As one of the largest entertainment districts in Washington, DC, the Capitol Riverfront is home to Audi Field, the D.C. United soccer stadium, Nationals Park – home to the Washington Nationals – and over 10 acres of parks and activated green spaces. 113 Potomac is within walking distance of the Capitol Riverfront’s 35,000 employees and both the Navy Yard and Waterfront Metro Stations along the WMATA Green Line. Another Toll Brothers rental community, the 595-unit two-building Parc Riverside, is located just north of the Nationals Baseball Stadium, a 5-minute walk from the 113 Potomac site.
113 Potomac is a 501-unit multifamily Opportunity Zone project. The property will consist of 460 market rate and 41 affordable units with 37,000 square feet of retail, and below-grade garage parking. It will offer views into the adjacent Audi Field and will feature high-end luxury finishes and best-in-class amenities, including a state-of-the-art fitness center, rooftop resort-style pool and amenity space, luxurious clubhouse and lounge, coffee bar, co-working space, and pet spa.
Charles Elliott, President of Toll Brothers Apartment Living (TBAL), stated: “113 Potomac continues our tremendous progress within the flourishing Washington, DC multifamily market, and joins our nearby luxury communities of Parc Riverside and Union Place, along with our other projects currently under development across the city. With the introduction of 113 Potomac, we’re proud to be part of reinvigorating the historic Buzzard Point neighborhood.”
Fred Cooper, Toll Brothers’ Senior Vice President, Finance and Investor Relations, stated: “113 Potomac represents our fifth Opportunity Zone project across the U.S. and our fourth transit-oriented development community within Washington, D.C. Toll Brothers, Inc. has been building for-sale home communities in the Metro D.C. region for nearly thirty years. Now, with over 3,000 rental units completed or under development within Washington, D.C., our Apartment Living division is extending the Toll Brothers brand and reputation in this dynamic market. We are thrilled to be teaming up with CrossHarbor, with whom we have partnered on multiple transactions, and to be undertaking our first construction loan with Bank OZK, which is quite active in this market.”
“We are pleased to partner with Toll Apartment Living on this opportunity,” says James O’Leary, Director, CrossHarbor Capital Partners, “and excited to continue to expand our portfolio in the Greater Washington DC market.”
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).
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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 8,500 units, has nearly 4,500 units under management, and controls a national pipeline of more than 20,500 units. For more information visit TollBrothersApartmentLiving.com.
About Crossharbor Capital Partners
CrossHarbor Capital Partners is a Boston-based privately owned alternative investment management firm that invests in core-plus, value-add, and opportunistic commercial real estate transactions. The firm seeks short and medium duration debt and equity investments that offer a compelling case for generating high absolute returns. CrossHarbor was founded in 1993 and has invested in over 340 real estate transactions representing more than $24 billion of commercial real estate on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and sovereign entities.
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended December 31, 2021, RESG originated approximately $35 billion in new commercial real estate construction loans. For more information visit www.ozk.com.
Frederick N. Cooper – Media Contact – email@example.com – (215) 938-8312
Source: Toll Brothers, Inc.