The rental apartment arm of US luxury homes builder Toll Brothers has extended its relationship with Canyon Partners Real Estate by way of a new partnership to develop a garden-style community in Arizona.
The newly created Toll Brothers Apartment Living and Canyon Partners venture has secured a $78m (鈧�73m) construction loan from Bank OZK to develop Navona, a 400-unit luxury multifamily rental community in the Phoenix suburb of Mesa.
John McCullough, president of Toll Brothers Apartment Living, said: 鈥淣avona represents Toll Brothers鈥� sixth multifamily community development in Arizona, and we look forward to another successful project in the fast-growing Phoenix submarket of Mesa.鈥�
Fred Cooper, SVP of finance and investor relations for Toll Brothers, said the latest partnership is the firm鈥檚 fourth joint venture with Canyon in projects with a total value of nearly $500m across a variety of markets.
鈥淚t also represents another exciting project that Bank OZK is financing for Toll Brothers-led joint ventures across our condo and rental platforms, and we appreciate their continued partnership.鈥�
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