Toll Brothers announced the closing of $160 million in construction financing through a newly formed joint venture between its Toll Brothers Apartment Living® rental subsidiary and GSLM Capital Partners, a venture of L+M Development Partners and Goldman Sachs Urban Investment Group. The financing will be used to develop Phase 1 of a 6.7-acre site in the heart of Washington, D.C., located at the nexus of NoMa, Mount Vernon Triangle and Shaw — three fast growing and vibrant neighborhoods northwest of Union Station. Phase 1 will bring 561 units, approximately 20 percent of which are affordable, one-acre of public open space and nearly 50,000 square feet of residential amenities.
Citi Community Capital is providing a $160 million construction loan funded with $23 million of tax-exempt notes issued through the Washington, D.C. Housing Finance Agency (DCHFA) and a $137 million taxable construction loan. In addition, Citi arranged a $160 million forward commitment for permanent f
