EJF Capital and Toll Brothers Apartment Living have formed a joint venture to acquire and apartment development site in Santa Ana, California. The property will include 12,350 square feet of retail space and a variety of amenities, including parking and amenities including pool, fitness center, co-working areas, and outdoor community.
The project has already been certified as a Qualified Opportunity Zone, and the firms plan to leverage the benefit to both produce a cost savings as well as spur economic growth. In addition, a portion of the units will be dedicated to affordable hosing. The development is scheduled to break ground in November 2021, and it will deliver in 2024.
Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital identified the joint venture partner for Toll Brothers and helped structure the deal.
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Kelsi Maree Borland
