Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the
nation’s leading builder of luxury homes, through its Toll Brothers
Apartment Living® rental subsidiary, and real estate investment
firm Canyon Partners Real Estate, have announced the formation of a
new joint venture to develop Westerly, a 331-unit, mixed use,
luxury apartment community in the West Dallas submarket. The joint
venture has secured a $42 million construction loan from BB&T
Real Estate Funding LLC. The debt and equity financing were
arranged by Toll Brothers’ in-house Finance Department. Toll
Brothers Apartment Living will manage the development of
Westerly.
Westerly is located on a 3.23-acre parcel in
close proximity to Trinity Groves, a two phase, 40-acre
master-planned entertainment district, featuring restaurants,
retail, office space, parks, and a future boutique-hotel. Trinity
Groves is one of Dallas’ most desirable dining districts, offering
a “restaurant incubator” program, where chefs and entrepreneurs
team up with Trinity Groves investors to open restaurants in the
facility. Westerly offers excellent transportation options to job
centers in Downtown Dallas and Uptown / Victory Park.
Westerly will benefit from Dallas’s outsized employment growth
which was more than double the national average from 2018 to 2019.
Dallas-Fort Worth is home to 3.8 million workers, 42 Fortune 1,000
companies, including ExxonMobil, AT&T, Energy Transfer,
McKesson, American Airlines, Southwest Airlines, Texas Instruments,
and Tenet Health, as well as a multitude of small businesses.
Westerly is a 7-story midrise wood frame and
podium wrap building with luxury amenities that will include a
resort-style pool, two well-appointed club lounges, two-story
fitness center with yoga room, stretching room, spin room and
outdoor fitness area, conference room, two courtyards, dog spa,
demonstration kitchen, makers space, bike lounge with bike storage,
workshop and wash station, package lockers, parking garage and a
rooftop terrace with Dallas skyline views. Leasing and first
move-ins are projected to commence in Spring 2021.
“Westerly will be a new and exciting addition to
West Dallas,” said Charles Elliott, President, Toll Brothers
Apartment Living. “This dynamic submarket’s proximity to major
employment centers and entertainment are the types of locations we
pursue as we diversify our offerings in DFW.”
Fred Cooper, Toll Brothers’ Senior Vice
President for Finance, International Development and Investor
Relations, said: “We look forward to working together with
Canyon and BB&T on the Westerly project. We currently
have three rental communities totaling over 850 units under
construction in metro Dallas with a significant pipeline of future
projects on the way.”
Canyon Partners Real Estate has deployed over $900 million of
debt and equity into multifamily projects, supporting the financing
of $2.8 billion of assets over the last five years.
Please visit TollBrothersApartmentLiving.com for
future updates and information regarding the community.
ABOUT TOLL BROTHERSToll
Brothers, Inc., A FORTUNE 500 Company, is the nation's leading
builder of luxury homes. The Company began business over fifty
years ago in 1967 and became a public company in 1986. Its common
stock is listed on the New York Stock Exchange under the symbol
“TOL.” The Company serves move-up, empty-nester, active-adult, and
second-home buyers, as well as urban and suburban renters. It
operates in 23 states: Arizona, California, Colorado, Connecticut,
Delaware, Florida, Georgia, Idaho, Illinois, Maryland,
Massachusetts, Michigan, Nevada, New Jersey, New York, North
Carolina, Oregon, Pennsylvania, South Carolina, Texas, Utah,
Virginia, and Washington, as well as in the District of
Columbia.
Toll Brothers builds an array of luxury
residential single-family detached, attached home, master planned
resort-style golf, and urban low-, mid-, and high-rise communities,
principally on land it develops and improves. The Company acquires
and develops rental apartment and commercial properties through
Toll Brothers Apartment Living, Toll Brothers Campus Living, and
the affiliated Toll Brothers Realty Trust, and develops urban low-,
mid-, and high-rise for-sale condominiums through Toll Brothers
City Living. The Company operates its own architectural,
engineering, mortgage, title, land development and land sale, golf
course development and management, and landscape
subsidiaries. Toll Brothers also operates its own security
company, TBI Smart Home Solutions, which also provides homeowners
with home automation and technology options. The Company also
operates its own lumber distribution, house component assembly, and
manufacturing operations. Through its Gibraltar Real Estate Capital
joint venture, the Company provides builders and developers with
land banking, non-recourse debt and equity capital.
In 2019, Toll Brothers was named World’s Most
Admired Home Building Company in Fortune magazine’s survey of the
World’s Most Admired Companies, the fifth year in a row it has been
so honored. Toll Brothers has won numerous other awards, including
Builder of the Year from both Professional Builder magazine and
Builder magazine, the first two-time recipient from Builder
magazine. For more information, visit www.TollBrothers.com
ABOUT TOLL BROTHERS
APARTMENT LIVING®Toll Brothers Apartment Living is
the apartment development division of Toll Brothers, Inc. (NYSE:
TOL), an award-winning Fortune 500 company and the nation’s premier
builder of luxury homes. Toll Brothers Apartment Living is bringing
the same quality, value, and service familiar to luxury home buyers
throughout the country to upscale urban and suburban rental
communities in select markets, including Atlanta, Boston, Dallas,
Los Angeles, New York, Philadelphia, Phoenix and Washington, DC.
Toll Brothers Apartment Living has developed more than 5,400 units,
has more 3,600 units under management and controls a national
pipeline of more than 16,400 units. Toll Brothers Apartment Living
communities combine the energy of vibrant locations with
unparalleled amenities, resident services, design, and the
expertise of the nation’s leading builder of luxury homes. For more
information visit TollBrothersApartmentLiving.com
ABOUT CANYON PARTNERS REAL ESTATE LLC
Founded in 1991, Canyon Partners Real Estate
LLC® ("Canyon") is the real estate direct investing arm of Canyon
Partners, LLC, a global alternative asset manager with over $26
billion in assets under management. Over the last ten years, Canyon
has invested more than $5.1 billion of debt and equity capital
across over 180 transactions capitalizing approximately $13.4
billion of real estate assets, focusing on debt, value add, and
opportunistic strategies. With over 28 years of experience, Canyon
has established a broad menu of investment capabilities spanning
property types, US regions, and project stages (including
development, transitional, and distressed/workouts).
For more information visit: www.canyonpartners.com
Forward-Looking StatementsThis
release contains or may contain forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Exchange Act. One can identify these statements by the
fact that they do not relate to matters of a strictly historical or
factual nature and generally discuss or relate to future
events. These statements contain words such as “anticipate,”
“estimate,” “expect,” “project,” “intend,” “plan,” “believe,”
“may,” “can,” “could,” “might,” “should” and other words or phrases
of similar meaning. Such statements may include, but are not
limited to, information related to market conditions; demand for
our homes; anticipated operating results; home deliveries;
financial resources and condition; changes in revenues; changes in
profitability; changes in margins; changes in accounting treatment;
cost of revenues; selling, general and administrative expenses;
interest expense; inventory write-downs; home warranty and
construction defect claims; unrecognized tax benefits; anticipated
tax refunds; sales paces and prices; effects of home buyer
cancellations; growth and expansion; joint ventures in which we are
involved; anticipated results from our investments in
unconsolidated entities; the ability to acquire land and pursue
real estate opportunities; the ability to gain approvals and open
new communities; the ability to sell homes and properties; the
ability to deliver homes from backlog; the ability to secure
materials and subcontractors; the ability to produce the liquidity
and capital necessary to expand and take advantage of
opportunities; and legal proceedings, investigations and
claims.
Any or all of the forward-looking statements
included in our reports or public statements made by us are not
guarantees of future performance and may turn out to be inaccurate.
This can occur as a result of incorrect assumptions or as a
consequence of known or unknown risks and uncertainties. Many
factors mentioned in our reports or public statements made by us,
such as market conditions, government regulation, and the
competitive environment, will be important in determining our
future performance. Consequently, actual results may differ
materially from those that might be anticipated from our
forward-looking statements.
The factors that could cause actual results to
differ from those expressed or implied by our forward-looking
statements include, among others: demand fluctuations in the
housing industry; adverse changes in economic conditions in markets
where we conduct our operations and where prospective purchasers of
our homes live; increases in cancellations of existing agreements
of sale; the competitive environment in which we operate; changes
in interest rates or our credit ratings; the availability of
capital; uncertainties in the capital and securities markets; the
ability of customers to obtain financing for the purchase of homes;
the availability and cost of land for future growth; the ability of
the participants in various joint ventures to honor their
commitments; effects of governmental legislation and regulation;
effects of increased taxes or governmental fees; weather
conditions; the availability and cost of labor and building and
construction materials; the cost of raw materials; the outcome of
various product liability claims, litigation and warranty claims;
the effect of the loss of key management personnel; changes in tax
laws and their interpretation; construction delays; and the
seasonal nature of our business. For a more detailed
discussion of these factors, see the risk factors in the
information under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our most recent periodic reports filed on Forms 10-K
and 10-Q with the SEC.
From time to time, forward-looking statements
also are included in our periodic reports on Forms 10-K, 10-Q and
8-K, in press releases, in presentations, on our website and in
other materials released to the public.
This discussion is provided as permitted by the
Private Securities Litigation Reform Act of 1995, and all of our
forward-looking statements are expressly qualified in their
entirety by the cautionary statements contained or referenced in
this section.
Forward-looking statements speak only as of the
date they are made. We undertake no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACT Toll
Brothers: Frederick N. Cooper (215)
938-8312fcooper@tollbrothers.com
Canyon Partners: Kris Cole(310)
652-1411Pro-canyon@prosek.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0c1e73f6-f39c-4608-9b45-fe790e776cfe
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