Toll Brothers, Inc. (NYSE:TOL) (www.Tollbrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® subsidiary, and AECOM Capital, the investment fund of AECOM, a premier fully integrated global infrastructure firm that designs, builds, finances and operates infrastructure and real estate assets in over 150 countries around the world, announced today the financing of Union Place, a 525-unit luxury rental community located in the NoMa neighborhood of Washington, D.C. Leasing is projected to commence in Spring 2018.
The project is being financed through a recently closed $130 million construction loan facility from U.S. Bank National Association as administrative agent and The Bank of New York Mellon. The loan was arranged by Toll Brothers’ in-house Finance Department.
The site, at the corner of 2nd Street and K Street NE, is located in the rapidly growing NoMa neighborhood. The neighborhood is home to over 55 restaurants, a 50,000 square foot Harris Teeter supermarket, a newly opened REI flagship store, and more than 50 free community events a year. The property, bordering the H Street corridor, is a short walk to historic Union Station, which offers AMTRAK and Metro service; to the NoMa‐Gallaudet University Metro Station; and to major NoMa district employment centers.
Toll Brothers Apartment Living® will oversee the building’s marketing, leasing and property management. AECOM Tishman, a construction subsidiary of AECOM, will oversee construction.
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