FORT WASHINGTON, PA — Toll Brothers, Inc. (NYSE: TOL), through its Toll Brothers Apartment Living rental division, and Pondmoon Capital USA have announced a new joint venture to develop Mirra, a five-story, 285-unit multifamily rental community in Frisco, Texas. The project, on which construction will commence in February 2023, is being financed through a $49.5 million construction loan facility from Santander Bank N.A. The equity and debt were arranged by Toll Brothers’ in-house Finance Department.
The community will consist of 285 rental apartments as well as a 447-space parking garage. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness studio, a resort-style pool, expansive coworking spaces, a clubroom, a social mail lounge, a bike lounge, and an outdoor lounge with gaming and barbecue.
Mirra is located on a 2.96-acre lot in Frisco Square Town Center, in the heart of Frisco, Texas, and is adjacent to two other properties Toll Brothers developed with other partners. The community is ideally positioned at the intersection of Oglethorpe and Church St., adjacent to the Dallas North Tollway, a major thoroughfare providing direct access to large employment corridors including Frisco Square, Legacy Business Park, Granite Business Park, the new PGA of America headquarters, Legacy West, Hall Park, and The Star, which is located within the $5 Billion Mile. DFW International Airport, Dallas Love Field Airport, and the city of Dallas are easily accessible by car.
“As we continue expanding our presence in Texas, we look forward to bringing another luxury community to the Dallas-Fort Worth market with Mirra, which will introduce thoughtfully designed and uniquely elevated apartment homes for the most discerning residents in Frisco,” said Charles Elliott, President of Toll Brothers Apartment Living. “Mirra will offer everything our residents have come to expect from Toll Brothers Apartment Living communities, including exceptional quality, luxury, and service that exemplifies the very best Texas hospitality.”
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers said, “We are excited to be undertaking our fourth project with Pondmoon across a wide range of markets, including metro Los Angeles, Atlanta, and Dallas. Santander has also financed multiple projects with us, and we are pleased to have their continued support for Mirra as well.”
Patrick Chen, CEO for Pondmoon Capital said, “Mirra is a showcase of our continued commitment in the Sun Belt region and in solid partnerships with first-class developers like Toll Brothers. We are particularly excited about the Frisco market, which is a center of the rapid growth in North Dallas. The recent announcement of a new Universal Studios just minutes north of our site is an example of its attractiveness. We look forward to contributing to a topnotch residential community at Frisco Square.”
For future updates and information regarding this community, please visit TollBrothersApartmentLiving.com.
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