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Toll Brothers Forms JV with J.P. Morgan on $157M Project in Westchester County

The joint venture has secured a $102-million construction loan split evenly among Wells Fargo, National Association, which is serving as administrative agent, and Capital One. T

The Carraway is being built on the former site of two office buildings, that were demolished to make way for the 421-unit luxury apartment property. The Carraway is being built on the former site of two office buildings, that were demolished to make way for the 421-unit luxury apartment property.

HARRISON, NY—Toll Brothers Inc. reports it has formed a joint venture with J.P. Morgan Asset Management to develop the 421-unit Carraway luxury apartment property here.

The joint venture has secured a $102-million construction loan split evenly among Wells Fargo, National Association, which is serving as administrative agent, and Capital One. The cost for the project that is already under construction is approximately $157 million. The debt and equity financing were arranged by Toll Brothers’ in-house finance department.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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