Fort Washington-based Toll Brothers Lines Up $100M Loan for Philadelphia Apartment Project

Toll Brothers Apartment Project
Image rendering via Toll Brothers, The Philadelphia Business Journal.
The newest apartment project by Toll Brothers.

Fort Washington-based Toll Brothers has secured a $100.2 million construction loan through Wells Fargo for an apartment complex in Philadelphia, writes Natalie Kostelni for the Philadelphia Business Journal.

Last year, the luxury builder bought the site at Broad and Noble streets where it plans to develop the 344-unit apartment project from the Church of Jesus Christ of Latter-Day Saints for $14.1 million.

The company also said at the time it was working on the 18-story apartment project with Sundance Bay, a Salt Lake City-based private real estate investment firm.

In addition to the apartment project in Philadelphia, the development will also include 106 underground parking spaces along with 16,176 square feet of amenity space and 10,440 square feet of retail space overlooking a landscaped plaza.

Toll Brothers plans to restart its condominium project on Jewelers’ Row next year after it was forced to stop work in 2020 due to the onset of the coronavirus pandemic.

The projects have now reduced the number of condominiums from 86 to 63 and reduced the height of the building from 329 feet to 307 feet. However, the building will remain at 24 stories.

Read more about Toll Brothers’ Apartment Project in the Philadelphia Business Journal.

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