WASHINGTON D.C. – Toll Brothers Inc., through its Toll Brothers Apartment Living rental division, and CrossHarbor Capital Partners have formed a joint-venture partnership to develop a 501-unit multifamily community in Washington D.C.
The project is being financed by a $162.7 million construction loan facility from Bank OZK. The debt and equity were arranged by Toll Brothers’ in-house finance department.
Located at 113 Potomac Ave. SW within the Capitol Riverfront Business Improvement district’s Buzzard Point neighborhood, the Opportunity Zone development will feature 460 market-rate units, 41 affordable units, 37,000 square feet of retail and below-grade garage parking. 113 Potomac will offer luxury finishes and amenities, such as a state-of-the-art fitness center, a rooftop resort-style pool, a clubhouse and lounge, a coffee bar, co-working space and a pet spa.
“113 Potomac represents our fifth Opportunity Zone project across the US and our fourth transit-oriented development community within Washington D.C.,” states Fred Cooper, Toll Brothers’ SVP of finance and investor relations.
“113 Potomac continues our tremendous progress within the flourishing Washington D.C. multifamily market, and joins our nearby luxury communities of Parc Riverside and Union Place, along with our other projects currently under development across the city,” says Charles Elliott, president of Toll Brothers Apartment Living. “With the introduction of 113 Potomac, we’re proud to be part of reinvigorating the historic Buzzard Point neighborhood.”
The rental community is situated near the Navy Yard metro station and Waterfront metro station along the WMATA Green Line, and located near Toll Brothers’ 595-unit, Parc Riverside rental community.
The Capitol Riverfront district is located along the Anacostia River and is four miles from Amazon HQ2. The entertainment district is home to 35,000 employees, Audi Field, Nationals Park and more than 10 acres of parks and activated green spaces.
“Toll Brothers Inc. has been building for-sale home communities in the metro D.C. region for nearly thirty years,” adds Cooper. “Now, with over 3,000 rental units completed or under development within Washington, D.C., our Apartment Living division is extending the Toll Brothers brand and reputation in this dynamic market. We are thrilled to be teaming up with CrossHarbor, with whom we have partnered on multiple transactions, and to be undertaking our first construction loan with Bank OZK, which is quite active in this market.”
“We are pleased to partner with Toll Apartment Living on this opportunity and excited to continue to expand our portfolio in the greater Washington D.C. market,” says James O’Leary, director at CrossHarbor Capital Partners.