Toll Brothers, Harris Realty Secure $136M to Build Luxury Apartment in Norwalk, CT

Toll Brothers and Harris Realty Company have created a joint venture to develop Piper, a six-story, 393-unit multifamily rental community in Norwalk, CT. The project is being financed through a $136 million construction loan facility from Wells Fargo as agent and TD Bank. The equity and debt were arranged by Toll Brothers’ in-house finance department.

The community will consist of 393 rental apartments, including 356 market-rate and 37 affordable units, as well as a 589-space parking garage that will include EV (electric vehicle) charging stations. The apartment units will feature high-end luxury finishes and include a state-of-the-art fitness center and pool, rooftop deck, coworking spaces, library and wine room, high-end demo kitchen and dining room, a clubroom, and an indoor pet run and spa.