Toll Brothers Campus Living and CanAm Enterprises Form Joint Venture to Develop 293-Unit, 1,086 Bed Student Housing Community in Miami, Florida

JV Secures $103 Million Construction Loan from Ocean Bank

FORT WASHINGTON, Pa., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Campus Living division, and CanAm Capital Partners, the private-equity affiliate of CanAm Enterprises, and a leading provider of project-level structured debt and equity solutions, today announced the formation of a new joint venture to develop Lapis, a 1,086-bed, 293-unit, luxury student housing community at Florida International University (FIU) in Miami, Florida. The joint venture has secured a $103 million construction loan facility from Ocean Bank. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. The venture was advised by Ackman Ziff Real Estate Group.

Toll Brothers Campus Living develops communities that combine modern amenities and strategic community design to fit the needs and lifestyle of today’s students, creating innovative solutions for residents in which to live, thrive, and connect. Toll Brothers Campus Living will manage the development, construction, marketing, and asset management of Lapis.

FIU is the fastest growing university in Florida, having seen its enrollment jump nearly 27% over the last decade. According to US News & World Report, FIU is now the nation’s 4^th largest university by enrollment with a total of over 58,000 students. The Report also lists dozens of FIU programs among the best in the nation, including International Business at No. 2. Washington Monthly magazine ranks FIU among the top 20 public universities contributing to the public good.

Lapis is located directly north of, and across from FIU’s main campus, the 342-acre Modesto Maidique Campus, at 110^th Avenue and SW 7^th Terrace. The 21-story development will consist of 1,086 beds across 293 market-rate studio, one-, two-, three-, four-, and five-bedroom luxury rental apartments. The community will offer luxury amenities, walkability to campus, individual leases, roommate matching, multiple study lounges, high-speed internet throughout the community, a resort-style pool, state-of-the-art fitness center, bike storage, club room, outdoor kitchens, business center and a secured garage. Fully furnished apartment homes will include smart electronic-controlled access, stainless steel appliances, high-speed internet, smart televisions and more.