Toll Brothers Secures $56.8 Million Loan for North Carolina Multifamily Project

Toll Brothers Inc has secured a $56.8 million construction loan from TD Bank for The Airedale, its first multifamily project in North Carolina. The project, a joint venture with International Capital, LLC, will feature 348 luxury rental units in Charlotte's Steele Creek area. The development will offer upscale amenities and is strategically located near major transportation routes and the Charlotte Douglas International Airport. The expansion into a new market could diversify Toll Brothers' revenue streams and enhance long-term growth prospects.

Toll Brothers Inc. (NYSE: TOL) has secured a $56.8 million construction loan from TD Bank for The Airedale, its first multifamily project in North Carolina. The project, a joint venture with International Capital, LLC, will feature 348 luxury rental units in Charlotte's Steele Creek area [1].

The Airedale will be a three-story building offering one-, two-, and three-bedroom apartments with premium finishes and extensive amenities. These amenities include a resort-style pool, fitness center, coworking spaces, a pet spa, and a grab-and-go mini market. The development is strategically located near Charlotte Douglas International Airport and major transportation routes, providing easy access to employment centers in South End and Uptown [2].

The project marks Toll Brothers Apartment Living's first multifamily development in North Carolina, underscoring the company's commitment to delivering exceptional luxury multifamily communities in high-growth markets. The Airedale will be located at 13607 Choate Circle, close to outdoor recreation opportunities such as the Walker Branch Greenway and nearby grocery stores and shopping centers [2].

The joint venture between Toll Brothers Apartment Living and International Capital, LLC, has been arranged by Toll Brothers' in-house Finance Department. The development is expected to enhance Toll Brothers' long-term growth prospects by diversifying its revenue streams [1].

For more information about The Airedale, visit TollBrothersApartmentLiving.com.

References:
[1] https://seekingalpha.com/news/4465991-toll-brothers-partners-with-international-capital-to-develop-multifamily-rental-community-in-north-carolina
[2] https://www.stocktitan.net/news/TOL/toll-brothers-apartment-living-and-international-capital-llc-pq7gqebefjt9.html