Toll Brothers Nets Debt for Phoenix-Area Project
A West Coast bank provided $65 million in construction financing for the Glendale, Ariz., community.
Henri will be situated just outside Phoenix and will offer a range of floorplans and amenities. Toll Brothers broke ground on the project last month. Image courtesy of Toll Brothers Apartment Living
Toll Brothers Apartment Living has landed construction financing for a 313-unit rental project in Phoenix. The developer and joint venture partner EJF Capital first announced plans for Henri in October 2022, breaking ground in July.
Banc of California has provided a $65 million construction loan for the property, which is being designed by Architects Orange. Streetsense is handling branding and interior design.
The seven-story midrise community will feature one-, two- and three-bedroom units with keyless locks. Henri will include more than 36,000 square feet of indoor and outdoor amenity spaces, including a resident lounge, chef demonstration kitchen, fitness center, club and game room with a fireplace. Other amenities include a listening lounge, library and resident bar, as well as a pool, sun lounge and rooftop deck. Coworking spaces and creator booths will also be available to residents. The community will also include a 455-space parking garage that will offer electric vehicle charging stations.
Located at 502 W. Van Buren St., Henri will be located in a walkable neighborhood with restaurant and retail options. The neighborhood borders Roosevelt Row, Phoenix’s cultural arts district. Major highways like Interstates 10 and 17 are located nearby, as are several Valley Metro rail and bus routes.
Building in Opportunity Zones
Henri marks Toll Brothers’ sixth project in an Opportunity Zone. The company’s portfolio includes Opportunity Zone projects in Connecticut, Pennsylvania, California, and Washington, D.C. In March, the company partnered with Harris Realty Co. to develop the 393-unit Piper luxury community in Norwalk, Conn., also located in an Opportunity Zone. Toll Brothers previously worked with EJF Capital to develop the 218-unit Rafferty property, which is located in an Opportunity Zone in Santa Ana, Calif.
Henri represents Toll Brothers’ fourth community in the Phoenix metro. The company previously broke ground on the 403-unit Callia multifamily project in the area, alongside The Davis Cos., in May, and opened the 323-unit Haverly apartment community in November.
