Toll Brothers Condo Residing and CrossHarbor Capital Companions Kind Joint Enterprise to Develop 355-Unit Luxurious Rental Group in Stamford

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Toll Brothers Apartment Living and CrossHarbor Capital Partners Form Joint Venture to Develop 355-Unit Luxury Rental Community in Stamford

STAMFORD, CT – Toll Brothers, the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and CrossHarbor Capital Partners have announced a new joint venture to develop 777 Summer, a 355-unit multifamily rental community in Stamford, Conn. The project, which will be the first development of Toll Brothers Apartment Living in Connecticut, is being financed through a $94 million construction loan facility from Capital One, N.A. as agent and Comerica Bank. The debt was arranged by Toll Brothers’ in-house Finance Department with JLL advising on the equity financing.

777 Summer will be located in the epicenter of the rapidly developing Stamford Downtown and within walking distance to the Stamford Transportation Center, providing convenient connectivity to Midtown Manhattan and major Connecticut employment hubs such as New Haven, Hartford, and Greenwich via Metro-North Railroad and Amtrak, as well as close proximity to I-95. The location is adjacent to “Restaurant Row” on Bedford Street, providing residents with ample dining and nightlife options close to home.

777 Summer is a 355-unit luxury multifamily project that will consist of 333 market-rate and 22 affordable units. The project will feature high-end luxury finishes and best-in-class amenities, including a state-of-the-art fitness center, resort-style pool, luxurious club room, game room, co-working space, art studio, roof deck, coffee bar, pet wash, and high-speed property-wide Wi-Fi.

Charles Elliott, President of Toll Brothers Apartment Living said, “We are excited for the opportunity to continue our expansion in the robust northeast market with our first multifamily rental community in Connecticut. 777 Summer will join a variety of other Toll Brothers Apartment Living projects across the region in bringing the elevated living experience that Toll is well known for to Stamford.”

Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers said, “777 Summer represents the fourth Opportunity Zone project that Toll Brothers has undertaken in markets from coast to coast. It builds on our strong relationships with CrossHarbor, which includes both market rate and student housing development projects, and with lenders Capital One and Comerica Bank, as we continue to grow our Toll Brothers Apartment Living and Campus Living platforms across the U.S.”

Tom Stevens, Co-Portfolio Manager and Managing Director for CrossHarbor Capital Partners said, “We are pleased to expand our strong, longstanding relationship with Toll Brothers and partner on the development of another luxury residential community. 777 Summer captures many of the themes we look for in our multifamily investments: best-in-class sponsorship, market leading design and quality, access to transit and employment, and walkability to dining and entertainment.”

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