Toll Brothers, JD Capital Form JV for DFW Apartments
- Jul 24, 2020
Toll Brothers Apartment Living and JD Capital USA have formed a joint venture to develop a new luxury apartment community in the Dallas-Fort Worth suburb of Plano, Texas. Having secured a construction loan for $46 million from Santander Bank N.A., the joint venture will move ahead with development of the 379-unit Ferro at 11th St. and K Ave. in downtown Plano. Toll Brothers’ in-house finance department arranged the debt and equity financing.
A Type V, four-story wrap structure, Ferro will feature a structured parking garage offering 476 parking spaces, and will be built on a 4.9-acre parcel. Among its interior amenities will be a double-height lobby and lounge. Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers Inc., will manage the rental property’s development.
Steps to transit
Residents of Ferro will be no more than a 10-minute walk from downtown Plano. Among major Plano employers are Capital One Finance, Ericsson North America, Fannie Mae, FedEx, Hewlett Packard Enterprise, JP Morgan Chase. Medical City Plano and PepsiCo.
Downtown Plano offers walkable access to restaurants and the Historic Plano Arts District.
Just south of the site, the North Central Expressway/U.S. 75 corridor is home to tens of millions of square feet of office space filled by top-tier employers. U.S. 75 and President George Bush Turnpike also provide access to employers in Dallas, Allen and Frisco.
In addition, Ferro residents will be able to travel to a variety of job centers via the new Dallas-Area Rapid Transit (DART) station situated just steps from the rental community. DART provides transportation to employment hubs in Plano, Richardson and downtown Dallas. Ferro residents will also use the Silver Line to access Addison, Carrollton and Dallas-Fort Worth International Airport. One train stop away from the development in Richardson, the internationally-known employers include Raytheon, State Farm Insurance, GEICO, Inogen, Real Page and Blue Cross Blue Shield.
Three months ago, Toll Brothers Apartment Living secured construction financing for a new apartment community in the northern Boston suburb of Woburn, Mass.