Berkadia recently secured a joint venture partner for Toll Brothers Inc. through its Toll Brothers Apartment Living rental subsidiary to develop Rafferty, a new 218-unit multifamily rental community located in a Qualified Opportunity Zone at 114 E. Fifth St. in Santa Ana. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV equity and structured capital identified the joint venture partner, EJF Capital LLC of Arlington, VA, and helped structure the deal.

The project is being financed through $31.7 million in joint venture equity from EJF Capital, along with a $66 million loan facility from Santander Bank N.A. arranged by Toll Brothers’ in-house finance department. Construction is scheduled for completion in 2024.

“We are excited to continue our expansion in Orange County and bring our elevated offerings to historic Santa Ana,” says Charles Elliott, president of Toll Brothers Apartment Living.

Rafferty will consist of 218 rental apartments in two five-story and seven-story buildings with 328 parking spaces. The development is located in Santa Ana’s historic walkable downtown surrounded by 4th Street Market, McFadden Public Market food halls and the independent Frida Cinema.

The centralized location in Orange County, including the addition of the OC Streetcar at the property’s front door, offers a commute of less than an hour to downtown Los Angeles by car or rail. The property is a short drive to John Wayne Airport, South Coast Metro, Newport Center, the Irvine Business Complex and Irvine Spectrum.