FORT WASHINGTON, PA — Toll Brothers, Inc. (NYSE: TOL) and Harris Realty Company LLC have announced a new joint venture to develop Piper, a six-story, 393-unit multifamily rental community in Norwalk, Conn. The project is being financed through a $136 million construction loan facility from Wells Fargo N.A. as agent and TD Bank. The equity and debt were arranged by Toll Brothers’ in-house Finance Department.
The community will consist of 393 rental apartments, including 356 market-rate and 37 affordable units, as well as a 589-space parking garage that will include EV (electric vehicle) charging stations. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness center and pool, rooftop deck, coworking spaces, library and wine room, high-end demo kitchen and dining room, a clubroom, and an indoor pet run and spa.
Piper is located at the intersection of West Avenue and Orchard Street, about one mile from the South Norwalk Metro Station, which provides convenient train access to New York City. This growing and dynamic corner of Norwalk is immediately adjacent to notable sites such as Mathews Park, featuring tennis courts, playgrounds, and two museums, and The SoNo Collection, a recently completed upscale mall. The South Norwalk neighborhood, located nearby, provides residents with an excellent variety of restaurants, bars, cafés, bakeries, and craft breweries. This vibrant thoroughfare is undergoing rapid growth and investment and offers a prime location catering to neighborhood residents and visitors alike. Piper will include nearly 24,000 square feet of ground-floor retail, with flexibility for multiple uses, ranging from a single-tenant market to multiple boutiques, restaurants, or cafes.
John McCullough, President of Toll Brothers Apartment Living, said, “As our second project to break ground in the economically dynamic southeastern Connecticut corridor, following Julius, our 356-unit community in Stamford, we are excited to add Piper to our growing portfolio of luxury rental communities across the northeast. Piper will elevate the level of luxury available among the residential rental offerings in Norwalk and introduce the same extraordinary living experience that we are known for nationwide.”
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, “We are pleased to be teaming with Harris Realty to undertake this unique project. We appreciate the support and value of our long-time relationships with Wells Fargo and TD Bank which have shown their confidence to provide us this $136 million construction loan in this challenging environment. Piper is Toll Brothers’ fourth project being built in Opportunity Zones across the U.S. We are looking forward to developing this dynamic community.”
Marvin Strauss, Executive Vice President of Harris Realty, said “Harris Realty is grateful to have been given the opportunity to partner with Toll Brothers in this project. Toll Brothers’ quality home building skills and reputation align with our standard for excellence.”
For more information regarding this community, visit TollBrothersApartmentLiving.com.
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