Toll Brothers, Sundance Bay form JV to develop mixed-use rental community in Philadelphia

Toll Brothers, through its Toll Brothers Apartment Living® rental division, and Sundance Bay, a private real estate investment and operating firm, have formed a new joint venture to develop Broad & Noble, a 344-unit, mixed-use rental-apartment community in Philadelphia, Pa. It is Toll Brothers’ first luxury-apartment community in the Philadelphia region.

Fred Cooper, Toll Brothers’ senior vice president, finance and investor relations, said, “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 United States.”

The project is being financed through a $100.2 million construction loan from Wells Fargo. The debt and equity were arranged by Toll Brothers’ finance