Toll Brothers Apartment Living And Canyon Partners Real Estate Announce New Joint Venture To Develop 400-Unit Luxury Rental Community In Mesa, Arizona; Joint Venture Has Secured A $78M Construction Loan From Bank OZK
Portfolio Pulse from Benzinga Newsdesk
Toll Brothers, Inc. (TOL) and Canyon Partners Real Estate have formed a joint venture to develop a 400-unit luxury rental community in Mesa, Arizona. The venture has secured a $78 million construction loan from Bank OZK. The development, Navona, is located in one of the fastest growing submarkets in the Phoenix metro area. This is Toll Brothers' sixth multifamily community development in Arizona and the fourth joint venture with Canyon Partners.
November 01, 2023 | 10:00 pm
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Bank OZK has provided a $78 million construction loan to the joint venture of Toll Brothers and Canyon Partners Real Estate for the development of a luxury rental community in Mesa, Arizona.
The news is directly related to Bank OZK as it is providing the construction loan for the joint venture. This could indicate a positive outlook for the bank's loan portfolio.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 75
POSITIVE IMPACT
Toll Brothers is expanding its multifamily community development portfolio in Arizona through a joint venture with Canyon Partners Real Estate. The project is financed by a $78 million loan from Bank OZK.
The news is directly related to Toll Brothers and its expansion in Arizona. The joint venture and the secured loan indicate a positive outlook for the company's growth in the multifamily community development sector.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100