The luxury homebuilding firm Toll Brothers Inc. (NYSE: TOL), through Apartment Living rental division, and Harris Realty Company LLC have announced a new joint venture to develop Piper, a six-story, 393-unit multifamily rental community in Norwalk.
According to the companies, the development will be located at the intersection of West Avenue and Orchard Street will encompass 356 market-rate and 37 affordable units, as well as a 589-space parking garage with electric vehicle. The development will also feature a 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.
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.
“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,” said John McCullough, president of Toll Brothers Apartment Living. “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.”
