Toll Bros. unit creates $400M funding venture for builders, developers
Toll Bros. Inc. said Monday that its Gibraltar Capital and Asset Management subsidiary had created a venture with a "large institutional investor" to provide builders and developers with land banking and joint-venture capital.
Toll Bros. Inc. said Monday that its Gibraltar Capital and Asset Management subsidiary had created a venture with a "large institutional investor" to provide builders and developers with land banking and joint-venture capital.
The venture will finance builders' and developers' acquisition and development of land and home sites, and "pursue other complementary opportunistic investment strategies," the Horsham-based luxury-home builder said.
The venture, to be managed by Gibraltar, will have a total of $400 million of funding commitments, with 75 percent from the institutional investor and 25 percent from Toll Bros., the builder said. The investor was not identified.
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