Toll Brothers on Friday announced a joint venture between its Toll Brothers City Living division and Daiwa House to develop a new luxury condominium community in Hudson County.
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.
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,” David Von Spreckelsen, president of Toll Brothers City Living, said. “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,” Von Spreckelsen, said.
“Bank OZK is delighted to finance another project for a quality sponsor like Toll Brothers and its partner Daiwa House,” Dave Sarner, managing director of Originations at Bank OZK said. “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.”
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.
