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Toll Brothers Apartment Living Secures $65M Construction Loan For Henri Rental Project In Phoenix

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FINANCED
$65,000,000

Arizona

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Development Site
Financed 08/02/2023
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Property Image
FINANCED

Toll Brothers Apartment Living Secures $65M Construction Loan For Henri Rental Project In Phoenix

502 West Van Buren Street Phoenix, Arizona 85003, Usa

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Development Site
Financed 08/02/2023
the dealplayerscompscontact
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Summary

ARIZONA
Asset Type:Development Site
Transaction Type:Loan

Toll Brothers Apartment Living has secured a $65 million construction loan from Banc of California for its 313-unit rental project, Henri, located at 502 W Van Buren Street, Phoenix, AZ. The development site spans a total area of 313 units.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $65,000,000
  • Address: 502 W Van Buren Street, Phoenix, AZ
  • Market: Phoenix, AZ
  • Lender: Banc Of California
  • Landlord: Toll Brothers Apartment Living

Toll Brothers Apartment Living has successfully secured a $65 million construction loan from Banc of California for the development of Henri, a rental project comprising of 313 units in Phoenix. This financial transaction will provide the necessary funds for Toll Brothers Apartment Living to progress with the construction and development of the project, ultimately bringing quality housing options to the area.

Players

Banc Of California
Banc Of California
LENDER
Toll Brothers
Toll Brothers
LANDLORD

Details

FINANCED
IMAGE: 08/02/2023 ADDRESS: 502 W Van Buren Street MARKET: Phoenix, AZ ASSET TYPE: Development Site ~ UNITS: 313 LENDER: Banc Of California LANDLORD: Toll Brothers Apartment Living LOAN AMOUNT: $65,000,000 LOAN TYPE: Construction NOTE: Toll Brothers Apartment Living has secured a $65 million construction loan from Banc of California for its 313-unit rental project, Henri, in Phoenix.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$65,000,000.00

Monthly NOI$433,333.33
Monthly Debt Service$410,844.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00