Toll Brothers, Harrison Street to Break Ground on 826-Bed Community Near Arizona State

Tempe, Ariz. — A joint venture between Toll Brothers Campus Living and Harrison Street is set to break ground on Canvas, an 826-bed community serving students attending Arizona State University in Tempe. The six-story property will offer units with bed-to-bath parity and modern furniture packages. Shared amenities are set to include a state-of-the-art fitness center, clubhouse, e-sports lounge, rooftop pool, business center, cafe, ground floor retail, grilling stations, a courtyard and fire pit, private study rooms, electronic package lockers and bike storage. Cardinal Group Management has been tapped to manage the property. The joint venture secured a construction loan facility from MidFirst Bank, Fifth Third Bank and Trustmark Bank for the project. Debt and equity financing was arranged by Toll Brothers’ in-house finance department with TSB Capital Advisors acting in an advisory role. The development is scheduled for completion in fall 2021.