Toll Brothers Inc. and AECOM Capital recently obtained $130 million in financing for the development of a luxury rental apartment community in Washington, D.C.'s NoMa neighborhood.
The 14-story project, known as Union Place, marks the partners' second major urban development after the 417-unit The Morgan at Provost Square in Jersey City, N.J. Union Place will feature 525 residential units, about 16,000 square feet of retail space, a 240-space parking garage and amenities.
The company's Toll Brothers Apartment Living unit will take charge of the project's marketing, leasing and property management, while AECOM Tishman will oversee the building's construction. They expect to start leasing the property in spring 2018.
The construction loan facility was provided by U.S. Bank NA as administrative agent and The Bank of New York Mellon.