Benzinga | Oct 25, 2021 03:47PM EDT

Toll Brothers Forms JV With CanAm Capital For Student Housing Community In Florida

* Toll Brothers Inc's (NYSE:TOL) Campus Living division and CanAm Capital Partners, the private-equity affiliate of CanAm Enterprises, have announced a joint venture to develop a student housing community at Florida International University in Miami, Florida.

* Toll Brothers Campus Living will manage the development, construction, marketing, and asset management of Lapis, a 1,086-bed, 293-unit student housing community.

* The joint venture has secured a $103 million construction loan facility from Ocean Bank.

* Price Action: TOL shares are trading higher by 0.49% at $60.7 on the last check Monday.