Toll Brothers plans 355-unit apartment complex in Stamford

Homebuilder partnering with Boston PE firm, not original partner Silverback, on luxury rental

Tri-State /
May.May 11, 2022 08:30 AM
777 Summer Street in Stamford and Toll Brothers Apartment Living president Charlies Elliott (Silverback Development, Toll Brothers)

777 Summer Street in Stamford and Toll Brothers Apartment Living president Charles Elliott (Silverback Development, Toll Brothers)

Toll Brothers has chosen Stamford for its first big multifamily play in Connecticut.

The publicly traded homebuilder’s apartment division is developing a 355-unit luxury complex at 777 Summer Street in the city’s downtown.

The project, the first in the state for Toll Brothers Apartment Living, will be a joint venture with Boston-based private equity firm CrossHarbor Capital Partners, the companies said Tuesday.

Capital One and Comerica Bank provided the developers with a $94 million construction loan arranged in-house by Toll Brothers. Located about a mile from the city’s Amtrak and Metro-North station, the project is in an Opportunity Zone.

The development will contain 333 market-rate apartments, plus 22 set aside as affordable. Amenities will include a roof deck, a fitness center and a pool, as well as a game room, co-working space, an art studio, a coffee bar and a pet wash.

Toll Brothers had originally partnered with Silverback Development to convert existing office buildings on the site to a 373-unit rental complex with 4,300 square feet of retail, the Westchester & Fairfield County Business Journals reported in 2020. Silverback acquired the buildings for $12.5 million in 2016 and received approval from the city to convert them to apartments, according to the Stamford Advocate.

It’s not clear why that project never came to fruition, although plans for the venture were revealed ahead of the pandemic — and before the financial issues besetting several of Silverback’s other projects came to light. Toll Brothers did not immediately respond to a request for comment.

Stamford’s affluence, rising rents and proximity to New York City have made it an attractive destination for developers during the pandemic. In February, office landlord Monday Properties dropped $131 million on a 344-unit apartment building in the city’s downtown.

A month later, a joint venture led by New Jersey-based KABR Group acquired two multifamily communities in Stamford for $41.3 million. One of them is at 750 Summer Street, just down the block from Toll Brothers’ project.

The homebuilding giant is increasing its holdings in the sizzling rental market, including a partnership announced last year with Sam Zell’s Equity Residential to develop roughly $1.9 billion worth of apartments across the country. The investments will span several major markets, the firms said, including Boston, Seattle, Atlanta and Austin.





    Related Articles

    arrow_forward_ios
    Silverback's Josh Schuster and Hopson's Chu Mang Yee with rendering of the project at 131-141 East 47th Street (LinkedIn, Getty, Ismael Leyva Architects)
    Schuster out as Hopson borrows $156M for Midtown tower
    Schuster out as Hopson borrows $156M for Midtown tower
    Darien First Selectman Monica McNally and Great Island in Darien, Connecticut (Darien Republicans, Google Maps)
    Fairfield County town nears private island purchase for over $100M
    Fairfield County town nears private island purchase for over $100M
    Adam Neumann with 515 West Avenue (Wikipedia, Realtor, iStock)
    No buzz, but Adam Neumann will take the $293M
    No buzz, but Adam Neumann will take the $293M
    Clockwise from top: Mayor Eric Adams, Bruce Teitelbaum, Adrienne Adams and Suri Kasirer (Getty/Adams via Paul Dilakian)
    A make-or-break moment for NYC’s housing crisis
    A make-or-break moment for NYC’s housing crisis
    A photo illustration of Veyoel Moshe Gardens in Kiryas Joel (LoopNet, iStock)
    Developers seizing on Hasidic suburb’s explosive growth
    Developers seizing on Hasidic suburb’s explosive growth
    Mayor Eric Adams and Extell's Gary Barnett (Photos by Paul Dilakian)
    Real estate’s titans talk building, selling, and reinventing the city
    Real estate’s titans talk building, selling, and reinventing the city
    Moinian's Joseph Moinian and Bushburg's Jordan Franklin with rendering of Empire State Dairy Company residences (Moinian Group, LinkedIn, Bushburg)
    Bushburg, Moinian snag $105M loan for East New York luxury project
    Bushburg, Moinian snag $105M loan for East New York luxury project
    Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
    Miki Naftali, Meredith Marshall talk development, death of 421a
    Miki Naftali, Meredith Marshall talk development, death of 421a
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...