JPMAM and Toll Brothers to develop New York apartment community
JP Morgan Asset Management and Toll Brothers established a joint venture for a $ 157 million luxury apartment building. The newly established joint venture provided a $ 102 million loan for the development of the Carraway community.
Construction credit, Wells fargo, National Joint Union and Capital One are secured. Toll Brothers Apartment Living, the rental arm of the Toll Brothers, will lead Carraway’s development, marketing, rental and property management. The first transport to the project was planned in the last quarter of 2019.
Charles Elliott, the president of Toll Brothers Apartment Living, said: “Carraway will raise the calibre of luxury residential offerings in the region and complement the other mixed-use development in the vicinity, creating a new vibrant destination for the area.”
“Wells Fargo and Capital One are banks with whom we have had long relationships financing urban and suburban rental and student housing projects, as well as high-rise for-sale condo projects and our corporate credit facilities.”