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, Pennsylvania, UNITED STATES

FORT WASHINGTON, Pa., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (, 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 4th 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 110th Avenue and SW 7th 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.

Charles Elliott, President of Toll Brothers Apartment Living, said, “We are excited to develop our first multifamily project in Florida. Lapis will be a great addition to the FIU community, providing students the same quality and service we’re known for throughout the country.”

Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, said, “Lapis is our fourth major student housing community across the U.S. We are very much looking forward to partnering with CanAm, which possesses a strong track record in the Florida market. Ocean Bank, which also enjoys an impressive track record as well as a history of leadership involvement at FIU and in the South Florida community, is the ideal lender for this exciting project.” 

John Reid, Director of Project Development at CACP said, “Lapis is a strategic project that will serve the growing demand for student housing in the FIU market. This closing marks our eighth investment in Florida projects over the last year. At CACP, we pride ourselves on partnering with best-in-class developers, and we couldn’t be more thrilled to be paired with Toll Brothers in this development.”

Jose E. Lopez, Senior Vice President and Regional Manager of Ocean Bank, said, “Ocean Bank has a long and strong relationship with FIU, including sponsorship of the Ocean Bank Convocation Center on campus. We are very familiar with the need for additional housing for students and are pleased to provide construction financing for Lapis.”

Toll Brothers, Inc., a FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company was founded over 50 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 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, 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, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.

2021 marks the 10th year Toll Brothers has been named to FORTUNE magazine’s World’s Most Admired Companies® list. Toll Brothers has also been honored as Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year by Professional Builder magazine. For more information visit

Toll Brothers Campus Living is the student housing development division of Toll Brothers, Inc., the nation's leading builder of luxury homes. Toll Brothers Campus Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to new student housing communities in select markets. Toll Brothers Campus Living has more than 1,213 units and 4,292 bedrooms in the development pipeline. Toll Brothers Campus Living communities combine the energy of collegiate locations with student-centric services, amenities, and the expertise of the nation's leading builder of luxury homes. Toll Brothers Campus Living is currently welcoming students home at The Yards at Old State located in State College, PA and Canvas in Tempe, AZ. For more information visit

A private equity affiliate of CanAm Enterprises, CanAm Capital Partners (“CACP”) makes project-level capital investments in real estate and other assets. CACP’s investment strategy focuses on geographies and assets where CanAm has informational, operational, and other competitive advantages. CanAm identifies and partners with mid-sized and regional operators who are specialized by asset type and/or geography and have proven to be experts in their niche with the capacity and potential to successfully execute on their proposed projects, including multifamily apartments, commercial space, mixed-use buildings, hotels, and private equity funds. To date, CACP and its affiliates have funded $254 million of capital in almost 20 private equity real estate investments in major metropolitan areas of the U.S.

CanAm is an integrated, multinational investment management firm that specializes in immigration-linked investment funds and private equity. With over three decades of experience, CanAm’s strategic approach to utilizing investor capital and managing risk has raised over $3 billion in private placement funds. Headquartered in New York City with offices in China, Vietnam, India and Singapore, CanAm is proud to serve a domestic and international community of investors.

Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $4.8 billion in assets. Chartered in 1982, Ocean Bank operates its branch network throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, The Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities. For more information, log on to

This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: the impact of Covid-19 on the U.S. economy and our business; expectations regarding interest rates and inflation; the markets in which we operate or may operate; our strategic objectives and priorities; our land acquisition, land development and capital allocation priorities; housing market conditions; demand for our homes; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.

Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:

  • the effects of the ongoing Covid-19 pandemic, which remain highly uncertain, cannot be predicted and will depend upon future developments, including the duration of the pandemic, the impact of mitigation strategies taken by applicable government authorities, the continued availability and effectiveness of vaccines, adequate testing and therapeutic treatments and the prevalence of widespread immunity to Covid-19;
  • the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar;
  • market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;
  • the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land;
  • access to adequate capital on acceptable terms;
  • geographic concentration of our operations;
  • levels of competition;
  • the price and availability of lumber, other raw materials, home components and labor;
  • the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries;
  • the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters;
  • the risk of loss from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19;
  • federal and state tax policies;
  • transportation costs;
  • the effect of land use, environment and other governmental laws and regulations;
  • legal proceedings or disputes and the adequacy of reserves;
  • risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects;
  • the effect of potential loss of key management personnel;  
  • changes in accounting principles;
  • risks related to unauthorized access to our computer systems, theft of our and our homebuyers’ confidential information or other forms of cyber-attack; and
  • other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended October 31, 2020 and in subsequent filings we make with the Securities and Exchange Commission (“SEC”).

Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

A photo accompanying this announcement is available at

Lapis, Miami, FL

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