Toll Brothers, Inc. Purchases Student Housing Project with Ares US Real Estate Opportunity Fund, L.P.
Blank Rome represented Toll Brothers, Inc. in its purchase of a project to be known as Terrapin Row, a to-be-developed student housing project adjacent to the University of Maryland. The Blank Rome team negotiated the Joint Venture Agreement and Development Agreement between subsidiaries of Toll Brothers, Inc. and Ares US Real Estate Opportunity Fund, L.P., and also negotiated the $104.4 million construction loan with Wells Fargo Bank, National Association, as Administrative Agent (on behalf of itself and Fifth Third Bank, as lenders). The deal closed on August 11, 2014.