FORT WASHINGTON, Pa., Nov. 15, 2024 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, today announced a joint venture between its Toll Brothers City Living division and Daiwa House to develop a new luxury condominium community in the New York City metro market. Located on the Hudson River waterfront and offering unobstructed skyline views of Manhattan, Vista Pointe will be a nine-story, 73-unit luxury condominium community at 8 Avenue at Port Imperial in West New York, New Jersey. Toll Brothers is acting as managing member and development lead for the project, overseeing approvals, design, construction, and sales. The partnership has closed on an acquisition and construction loan with Bank OZK arranged through Toll Brothers’ in-house Finance Department.
“We are thrilled to embark on a new partnership with Daiwa House to develop this incredible community on the Hudson River waterfront directly across from New York City,” said David Von Spreckelsen, President of Toll Brothers City Living. “Vista Pointe represents a rare opportunity to build a luxury waterfront community with outstanding amenities and unparalleled views of Manhattan. This community will build on the 20+ year legacy of our Toll Brothers City Living division to develop luxury for-sale condominiums in the most sought-after locations in the New York City metro market.”
“Consistent with our strategy for all Toll Brothers City Living developments, our partnership with Daiwa House will allow us to develop this project in a capital-efficient manner, while our long-standing relationship with construction lender Bank OZK facilitated the financing,” added Von Spreckelsen.
“Bank OZK is delighted to finance another project for a quality sponsor like Toll Brothers and its partner Daiwa House,” said Dave Sarner, Managing Director of Originations at Bank OZK. “Vista Pointe will be an excellent addition to New Jersey’s Gold Coast, and we are excited to see this innovative venture come to life.”
Yoichi Shimoyama, Chief Executive Officer and President of Daiwa House Texas, Daiwa House’s U.S. subsidiary, said, “We are pleased to partner with Toll Brothers on the development of Vista Pointe in Port Imperial, our second project with Toll Brothers. Vista Pointe boasts excellent views of the Manhattan skyline and an extensive amenity package which encompass key parts of our investment strategy. We look forward to working with Toll Brothers as a key partner for Daiwa House in the United States.”
Situated directly on the Hudson River waterfront, Vista Pointe will provide residents with sweeping unobstructed views of Manhattan. The community’s 73 one-, two-, three- and four-bedroom for-sale residences will range from 988 to 2,235 square feet. Vista Pointe will also feature 11,000 square feet of indoor amenities, including a fully staffed, 24-hour lobby, residents’ lounge with dining room and catering kitchen, fitness center, game room, screening room, maker space, and children’s playroom. Additionally, the building will include an outdoor patio and infinity pool with the river and skyline as background, grilling stations, a third-floor outdoor terrace and garden, and a landscaped rooftop terrace.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.
In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.
From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license.
ABOUT TOLL BROTHERS CITY LIVING®
Toll Brothers City Living® is the urban development division of Toll Brothers, Inc., the nation’s leading builder of luxury homes. Toll Brothers City Living brings the extraordinary quality, value, and service familiar to luxury home buyers throughout the country to dynamic urban markets including New York City and New Jersey’s Gold Coast. Since its formation in 2003, Toll Brothers City Living has completed 45 condominium buildings totaling over 7,200 residences. To learn more about Toll Brothers City Living and its properties, visit TollBrothersCityLiving.com.
ABOUT DAIWA HOUSE
From its humble beginnings in the early 1950s creating small, affordable prefabricated housing to its status now as the largest single-family homebuilder in Japan, Daiwa House Group continues to make strides in the United States by fulfilling its corporate mission of effective leadership, innovation and environmentalism through its wholly owned subsidiary: Daiwa House Texas Inc. Founded in 2011, the firm had already established a reputation for quality and excellence by developing premiere multifamily properties in most major metro areas across the country and, after the acquisition of Stanley Martin in 2017, Trumark Companies in 2020 and CastleRock Communities in 2021, furthered its mission by constructing scores of single-family homes throughout the United States. In the coming decades, Daiwa House looks forward to continuing its goal of partnering with developers to provide Americans with superior places to live.
ABOUT BANK OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. For the five years ended September 30, 2024, RESG originated approximately $41.4 billion in new loans. For more information, visit www.ozk.com.
