JV Secures $66 Million Construction Loan from Santander Bank, N.A.
Rafferty, Santa Ana, Calif.
FORT WASHINGTON, Pa., Nov. 01, 2021 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental subsidiary, and EJF Capital LLC have announced the formation of a new joint venture to develop Rafferty, a 218-unit multifamily rental community in Santa Ana, Calif. The project is being financed through a $66 million construction loan facility from Santander Bank, N.A. The debt was arranged by Toll Brothers’ in-house Finance Department. Berkadia JV Equity & Structured Capital arranged the equity financing.
Rafferty is located in the heart of historic, walkable downtown Santa Ana, in the center of restaurants, retail and other entertainment including the 4th Street Market, McFadden Public Market food halls, and the independent Frida Cinema. The centralized location in Orange County, including the addition of the OC Streetcar at the property’s front door, offers a commute of under an hour to downtown Los Angeles by car or rail. The property is a short drive to John Wayne Airport and Orange County’s leading employment centers, such as South Coast Metro, Newport Center, and Irvine Spectrum.
Rafferty will consist of 218 rental apartments in two buildings, one five-story and one seven-story, with a total of 328 parking spaces. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness center, resident lounge, maker’s room, jam room, speakeasy, co-working space, and sky lounge with outdoor terrace. Outdoor amenities include a resort-style pool, seating with grills and fire pit, and outdoor fitness equipment. Rafferty will also offer 12,350 square feet of ground-floor commercial space along Main and 4th Streets. This space is projected to include opportunities for restaurant, fitness, service, and retail uses.
Charles Elliott, President of Toll Brothers Apartment Living, stated: “We are excited to continue our expansion in Orange County and bring our elevated offerings to historic Santa Ana. We look forward to becoming an active partner for the residents and businesses of this vibrant community.”
Fred Cooper, Toll Brothers’ Senior Vice President, Finance and Investor Relations, stated: “Rafferty represents the first in a series of exciting transformative projects Toll Brothers will be developing in Opportunity Zones across the U.S. and will make a significant contribution to the vitality and energy of Santa Ana’s historic downtown lifestyle. We look forward to working with EJF and Santander Bank to bring this dynamic project to fruition.”
“Santa Ana is in the middle of an incredibly dynamic county, yet the majority of its residents commute to jobs outside the area,” concluded Asheel Shah, EJF’s Senior Managing Director and Head of Real Estate Development. “We believe …….