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Toll Brothers rental unit forms JV with JP Morgan for $157M NY luxury apartment

Toll Brothers Inc.'s rental subsidiary, Toll Brothers Apartment Living, is partnering with JP Morgan Asset Management to deliver a roughly $157 million luxury apartment community project in Harrison, N.Y.

The joint venture obtained a $102 million construction loan facility from Wells Fargo NA, serving as administrative agent, and Capital One, according to a release.

The Carraway project will rise on a 10-acre site within Westchester County's Platinum Mile and will offer 421 units and amenities that include a club room, fitness center and coworking lounge.

Toll Brothers Apartment will be in charge of the development, leasing and property management of Carraway, which is scheduled to open in late 2019.