March 14, 2024
Toll Brothers, Inc.
1140 Virginia Drive
Fort Washington, PA 19034
Ladies and Gentlemen:
I am Senior Vice President, General Counsel and Chief Compliance Officer of Toll Brothers, Inc., a Delaware corporation (the “Company”). The Company, Toll Corp., a Delaware corporation, First Huntingdon Finance Corp., a Delaware corporation (“FHFC”), Toll Brothers Finance Corp., a Delaware corporation (“TBFC” and, together with Toll Corp. and FHFC, the “Debt Issuers”) and the certain other subsidiaries of the Company listed on Schedule I hereto (such subsidiaries, together with the Debt Issuers, the “Subsidiary Registrants”) have filed a Registration Statement on Form S-3 (the “Registration Statement”) with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), relating to the registration under the Securities Act and the proposed issuance and sale from time to time pursuant to Rule 415 under the Securities Act of: (i) shares of common stock of the Company, $.01 par value per share (“Common Stock”); (ii) shares of preferred stock of the Company, $.01 par value per share (“Preferred Stock”); (iii) senior debt securities of TBFC (the “2012 Indenture Senior Debt Securities”) to be issued under the Indenture dated as of February 7, 2012 (the “2012 Indenture”), by and among TBFC, the Company, the other guarantors party thereto and The Bank of New York Mellon, as trustee, as it may be amended, supplemented or otherwise modified from time to time, which 2012 Indenture is filed with the Registration Statement, other senior secured debt securities and senior unsecured debt securities of TBFC or any other Debt Issuer (the “Senior Debt Securities”) to be issued under an indenture (the “Senior Indenture”), a form of which is filed with the Registration Statement, and senior subordinated debt securities and junior subordinated debt securities of the Debt Issuers (the “Subordinated Debt Securities” and, together with the 2012 Indenture Senior Debt Securities and the Senior Debt Securities, the “Debt Securities”) to be issued under an indenture (the “Subordinated Indenture”), a form of which is filed with the Registration Statement; (iv) warrants to purchase Common Stock, Preferred Stock or Debt Securities; (v) guarantees of the Company and the Subsidiary Registrants to be issued in connection with the Debt Securities (the “Guarantees”).
I have examined the Registration Statement as it became effective under the Securities Act; the related Prospectus dated March 14, 2024; the Senior Indenture; the Subordinated Indenture; the 2012 Indenture Debt Securities in the form included in the 2012 Indenture; the Senior Debt Securities in the form included in the Senior Indenture; the Subordinated Debt Securities in the form included in the Subordinated Indenture; the terms of the Guarantees as contained in the 2012 Indenture, the Senior Indenture and the Subordinated Indenture.
In rendering the opinions contained herein, I have relied upon my examination or the examination by members of our legal staff of the original or copies certified or otherwise identified to our satisfaction of the charter, bylaws or other governing documents of the Company and the Subsidiary Registrants, resolutions and written consents of their respective boards of directors, general partners, managers and managing members, as the case may be, statements and certificates from officers of the
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Subsidiary Registrants, and such other documents and records relating to the Subsidiary Registrants as we have deemed appropriate. I, or a member of my staff, have also examined the originals, or duplicates or certified or conformed copies, of such corporate and other records, agreements, documents and other instruments of the Company and the Subsidiary Registrants and have made such other investigations as I have deemed relevant and necessary in connection with the opinions hereinafter set forth. As to questions of fact material to this opinion, I have relied upon certificates or comparable documents or statements of public officials and of officers and representatives of the Company and the Subsidiary Registrants.
In rendering the opinions set forth below, I have also assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to me as originals, the conformity to original documents of all documents submitted to me as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents.
Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, I am of the opinion as follows:
1. The Company and each Subsidiary Registrant is a corporation, limited liability company or limited partnership, as applicable, validly existing and in good standing under the laws of the state in which it is incorporated or organized, as set forth in Schedule I hereto.
2. The Company and each Subsidiary Registrant has all necessary corporate, limited liability company or partnership power and authority to execute and deliver and to perform its obligations under the 2012 Indenture, the Senior Indenture and the Subordinated Indenture, to the extent party thereto.
3. The Company and each Subsidiary Registrant has taken all necessary corporate, limited liability company or partnership action to duly authorize the execution, delivery and performance of the 2012 Indenture, the Senior Indenture and the Subordinated Indenture, to the extent party thereto.
This opinion letter is limited to the matters expressly set forth above and is given only as of the date hereof. I assume no obligation to update or supplement this opinion letter to reflect any facts or circumstances that may hereafter come to my attention or any change in laws that may hereafter occur.
I hereby consent to the use of this opinion for filing with the Registration Statement as Exhibit 5.2 thereto. In giving this consent, I do not hereby admit that I am within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder. Cravath, Swaine & Moore LLP, legal counsel to the Company and the Subsidiary Registrants, may rely upon this opinion with respect to matters set forth herein for purposes of its opinion being delivered and filed as Exhibit 5.1 to the Registration Statement.
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Very truly yours,
| /s/ Timothy J. Hoban | ||||||||
| Timothy J. Hoban | ||||||||
| Senior Vice President and General Counsel | ||||||||
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Schedule I
Subsidiary Guarantors
Exact Name of Registrant As Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | ||||
| Dominion III Corp. | Delaware | ||||
| ESE Consultants, Inc. | Delaware | ||||
| First Brandywine Investment Corp. IV | Delaware | ||||
| HQZ Acquisitions, Inc. | Michigan | ||||
| PRD Investors, Inc. | Delaware | ||||
| Shapell Homes, Inc. | Delaware | ||||
| Shapell Industries, Inc. | Delaware | ||||
| TB Proprietary Corp. | Delaware | ||||
| The Silverman Building Companies, Inc. | Michigan | ||||
| Toll Architecture I, P.A. | Delaware | ||||
| Toll Architecture, Inc. | Delaware | ||||
| Toll Bros. of Arizona, Inc. | Arizona | ||||
| Toll Bros. of North Carolina, Inc. | North Carolina | ||||
| Toll Bros. of North Carolina II, Inc. | North Carolina | ||||
| Toll Bros., Inc. | Pennsylvania | ||||
| Toll Brothers AZ Construction Company | Arizona | ||||
| Toll Brothers Canada USA, Inc. | Delaware | ||||
| Toll Brothers Real Estate, Inc. | Pennsylvania | ||||
| Toll CA Holdings, Inc. | Delaware | ||||
| Toll Golden Corp. | Delaware | ||||
| Toll Holdings, Inc. | Delaware | ||||
| Toll MI VII Corp. | Michigan | ||||
| Toll Mid-Atlantic V Corp. | Delaware | ||||
| Toll Mid-Atlantic LP Company, Inc. | Delaware | ||||
| Toll NJX-I Corp. | Delaware | ||||
| Toll Northeast Building Inc. | Delaware | ||||
| Toll Northeast V Corp. | Delaware | ||||
| Toll Northeast LP Company, Inc. | Delaware | ||||
| Toll Northeast Services, Inc. | Delaware | ||||
| Toll NV GP Corp. | Nevada | ||||
| Toll Realty Holdings Corp. I | Delaware | ||||
| Toll Realty Holdings Corp. II | Delaware | ||||
| Toll Southeast LP Company, Inc. | Delaware | ||||
| Toll Southeast Inc. | Delaware | ||||
| Toll SW Holding I Corp. | Nevada | ||||
| Toll VA GP Corp. | Delaware | ||||
| Toll West Inc. | Delaware | ||||
| Toll WV GP Corp. | West Virginia | ||||
| Upper K Investors, Inc. | Delaware | ||||
| Ashford Land Company, L.P. | Delaware | ||||
| Audubon Ridge, L.P. | Pennsylvania | ||||
| Belmont Land, L.P. | Virginia | ||||
| Binks Estates Limited Partnership | Florida | ||||
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Exact Name of Registrant As Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | ||||
| Broad Run Associates, L.P. | Pennsylvania | ||||
| Byers Commercial LP | Pennsylvania | ||||
| CC Estates Limited Partnership | Massachusetts | ||||
| Coleman-Toll Limited Partnership | Nevada | ||||
| Dominion Country Club, L.P. | Virginia | ||||
| Estates at Princeton Junction, L.P. | New Jersey | ||||
| Fairfax Investment, L.P. | Virginia | ||||
| First Brandywine Partners, L.P. | Delaware | ||||
| Hoboken Land LP | New Jersey | ||||
| Hockessin Chase, L.P. | Delaware | ||||
| Laurel Creek, L.P. | New Jersey | ||||
| Loudoun Valley Associates, L.P. | Virginia | ||||
| NC Country Club Estates Limited Partnership | North Carolina | ||||
| Porter Ranch Development Co. | California | ||||
| Sorrento at Dublin Ranch I LP | California | ||||
| Sorrento at Dublin Ranch III LP | California | ||||
| South Riding, L.P. | Virginia | ||||
| Southport Landing Limited Partnership | Connecticut | ||||
| Stone Mill Estates, L.P. | Pennsylvania | ||||
| Swedesford Chase, L.P. | Pennsylvania | ||||
| TBI/Palm Beach Limited Partnership | Florida | ||||
| The Bird Estate Limited Partnership | Massachusetts | ||||
| Toll at Brier Creek Limited Partnership | North Carolina | ||||
| Toll at Westlake, L.P. | New Jersey | ||||
| Toll at Whippoorwill, L.P. | New York | ||||
| Toll Brooklyn L.P. | New York | ||||
| Toll Brothers AZ Limited Partnership | Arizona | ||||
| Toll CA, L.P. | California | ||||
| Toll CA II, L.P. | California | ||||
| Toll CA III, L.P. | California | ||||
| Toll CA IV, L.P. | California | ||||
| Toll CA V, L.P. | California | ||||
| Toll CA VI, L.P. | California | ||||
| Toll CA VII, L.P. | California | ||||
| Toll CA VIII, L.P. | California | ||||
| Toll CA IX, L.P. | California | ||||
| Toll CA X, L.P. | California | ||||
| Toll CA XI, L.P. | California | ||||
| Toll CA XII, L.P. | California | ||||
| Toll CA XIX, L.P. | California | ||||
| Toll CA XX, L.P. | California | ||||
| Toll CO, L.P. | Colorado | ||||
| Toll CO II, L.P. | Colorado | ||||
| Toll CO III, L.P. | Colorado | ||||
| Toll CT Limited Partnership | Connecticut | ||||
| Toll CT II Limited Partnership | Connecticut | ||||
| Toll CT III Limited Partnership | Connecticut | ||||
| Toll CT IV Limited Partnership | Connecticut | ||||
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Exact Name of Registrant As Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | ||||
| Toll DE LP | Delaware | ||||
| Toll DE II LP | Delaware | ||||
| Toll Estero Limited Partnership | Florida | ||||
| Toll FL Limited Partnership | Florida | ||||
| Toll FL II Limited Partnership | Florida | ||||
| Toll FL III Limited Partnership | Florida | ||||
| Toll FL IV Limited Partnership | Florida | ||||
| Toll FL V Limited Partnership | Florida | ||||
| Toll FL VI Limited Partnership | Florida | ||||
| Toll FL VII Limited Partnership | Florida | ||||
| Toll FL VIII Limited Partnership | Florida | ||||
| Toll FL X Limited Partnership | Florida | ||||
| Toll FL XII Limited Partnership | Florida | ||||
| Toll FL XIII Limited Partnership | Florida | ||||
| Toll GA LP | Georgia | ||||
| Toll Grove LP | New Jersey | ||||
| Toll Hudson LP | New Jersey | ||||
| Toll IL HWCC, L.P. | Illinois | ||||
| Toll IL, L.P. | Illinois | ||||
| Toll IL II, L.P. | Illinois | ||||
| Toll IL III, L.P. | Illinois | ||||
| Toll IL IV, L.P. | Illinois | ||||
| Toll IL WSB, L.P. | Illinois | ||||
| Toll Jacksonville Limited Partnership | Florida | ||||
| Toll Land IV Limited Partnership | New Jersey | ||||
| Toll Land V Limited Partnership | New York | ||||
| Toll Land VI Limited Partnership | New York | ||||
| Toll Land X Limited Partnership | Virginia | ||||
| Toll Land XI Limited Partnership | New Jersey | ||||
| Toll Land XV Limited Partnership | Virginia | ||||
| Toll Land XVI Limited Partnership | New Jersey | ||||
| Toll Land XVIII Limited Partnership | Connecticut | ||||
| Toll Land XIX Limited Partnership | California | ||||
| Toll Land XX Limited Partnership | California | ||||
| Toll Land XXII Limited Partnership | California | ||||
| Toll Land XXIII Limited Partnership | California | ||||
| Toll Land XXV Limited Partnership | New Jersey | ||||
| Toll MA Land Limited Partnership | Massachusetts | ||||
| Toll MA Land III Limited Partnership | Massachusetts | ||||
| Toll MD AF Limited Partnership | Maryland | ||||
| Toll MD Limited Partnership | Maryland | ||||
| Toll MD II Limited Partnership | Maryland | ||||
| Toll MD III Limited Partnership | Maryland | ||||
| Toll MD IV Limited Partnership | Maryland | ||||
| Toll MD V Limited Partnership | Maryland | ||||
| Toll MD VI Limited Partnership | Maryland | ||||
| Toll MD VII Limited Partnership | Maryland | ||||
| Toll MD VIII Limited Partnership | Maryland | ||||
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Exact Name of Registrant As Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | ||||
| Toll MD X Limited Partnership | Maryland | ||||
| Toll MD XI Limited Partnership | Maryland | ||||
| Toll MI Limited Partnership | Michigan | ||||
| Toll MI II Limited Partnership | Michigan | ||||
| Toll MI III Limited Partnership | Michigan | ||||
| Toll MI IV Limited Partnership | Michigan | ||||
| Toll MI V Limited Partnership | Michigan | ||||
| Toll MI VI Limited Partnership | Michigan | ||||
| Toll MN, L.P. | Minnesota | ||||
| Toll MN II, L.P. | Minnesota | ||||
| Toll Naval Associates | Pennsylvania | ||||
| Toll NC, L.P. | North Carolina | ||||
| Toll NC II LP | North Carolina | ||||
| Toll NC III LP | North Carolina | ||||
| Toll NJ, L.P. | New Jersey | ||||
| Toll NJ II, L.P. | New Jersey | ||||
| Toll NJ III, L.P. | New Jersey | ||||
| Toll NJ IV, L.P. | New Jersey | ||||
| Toll NJ VI, L.P. | New Jersey | ||||
| Toll NJ VII, L.P. | New Jersey | ||||
| Toll NJ VIII, L.P. | New Jersey | ||||
| Toll NJ XI, L.P. | New Jersey | ||||
| Toll NJ XII LP | New Jersey | ||||
| Toll NV Limited Partnership | Nevada | ||||
| Toll NY L.P. | New York | ||||
| Toll NY III L.P. | New York | ||||
| Toll NY IV L.P. | New York | ||||
| Toll NY V L.P. | New York | ||||
| Toll Orlando Limited Partnership | Florida | ||||
| Toll PA Development LP | Pennsylvania | ||||
| Toll PA Management LP | Pennsylvania | ||||
| Toll PA, L.P. | Pennsylvania | ||||
| Toll PA II, L.P. | Pennsylvania | ||||
| Toll PA III, L.P. | Pennsylvania | ||||
| Toll PA IV, L.P. | Pennsylvania | ||||
| Toll PA VI, L.P. | Pennsylvania | ||||
| Toll PA VIII, L.P. | Pennsylvania | ||||
| Toll PA IX, L.P. | Pennsylvania | ||||
| Toll PA X, L.P. | Pennsylvania | ||||
| Toll PA XI, L.P. | Pennsylvania | ||||
| Toll PA XII, L.P. | Pennsylvania | ||||
| Toll PA XIII, L.P. | Pennsylvania | ||||
| Toll PA XIV, L.P. | Pennsylvania | ||||
| Toll PA XV, L.P. | Pennsylvania | ||||
| Toll PA XVI, L.P. | Pennsylvania | ||||
| Toll PA XVII, L.P. | Pennsylvania | ||||
| Toll PA XVIII, L.P. | Pennsylvania | ||||
| Toll PA XIX, L.P. | Pennsylvania | ||||
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Exact Name of Registrant As Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | ||||
| Toll Realty Holdings LP | Delaware | ||||
| Toll RI, L.P. | Rhode Island | ||||
| Toll RI II, L.P. | Rhode Island | ||||
| Toll SC, L.P. | South Carolina | ||||
| Toll SC II, L.P. | South Carolina | ||||
| Toll SC III, L.P. | South Carolina | ||||
| Toll SC IV, L.P. | South Carolina | ||||
| Toll Stonebrae LP | California | ||||
| Toll VA, L.P. | Virginia | ||||
| Toll VA II, L.P. | Virginia | ||||
| Toll VA III, L.P. | Virginia | ||||
| Toll VA IV, L.P. | Virginia | ||||
| Toll VA V, L.P. | Virginia | ||||
| Toll VA VI, L.P. | Virginia | ||||
| Toll VA VII, L.P. | Virginia | ||||
| Toll VA VIII, L.P. | Virginia | ||||
| Toll WV LP | West Virginia | ||||
| Toll YL II, L.P. | California | ||||
| Toll-Dublin, L.P. | California | ||||
| 89 Park Avenue LLC | New York | ||||
| 126-142 Morgan Street Urban Renewal LLC | New Jersey | ||||
| 1400 Hudson LLC | New Jersey | ||||
| 1451 Hudson LLC | New Jersey | ||||
| 1450 Washington LLC | New Jersey | ||||
| 1500 Garden St. LLC | New Jersey | ||||
| 352 Marin LLC | New Jersey | ||||
| 700 Grove Street Urban Renewal LLC | New Jersey | ||||
| Arbor Hills Development LLC | Michigan | ||||
| Arbors Porter Ranch, LLC | California | ||||
| Belmont Country Club I LLC | Virginia | ||||
| Belmont Country Club II LLC | Virginia | ||||
| Block 255 LLC | New Jersey | ||||
| Block 268 LLC | New Jersey | ||||
| Brier Creek Country Club I LLC | North Carolina | ||||
| Brier Creek Country Club II LLC | North Carolina | ||||
| Byers Commercial LLC | Delaware | ||||
| Component Systems I LLC | Delaware | ||||
| Component Systems II LLC | Delaware | ||||
| CWG Construction Company LLC | New Jersey | ||||
| Dominion Valley Country Club I LLC | Virginia | ||||
| Dominion Valley Country Club II LLC | Virginia | ||||
| Enclave at Long Valley I LLC | New Jersey | ||||
| Enclave at Long Valley II LLC | New Jersey | ||||
| Frenchman’s Reserve Realty, LLC | Florida | ||||
| Goshen Road Land Company LLC | Pennsylvania | ||||
| Hatboro Road Associates LLC | Pennsylvania | ||||
| Hoboken Cove LLC | New Jersey | ||||
| Hoboken Land I LLC | Delaware | ||||
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Exact Name of Registrant As Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | ||||
| Jacksonville TBI Realty LLC | Florida | ||||
| Liseter Land Company LLC | Pennsylvania | ||||
| Liseter, LLC | Delaware | ||||
| LL Parcel E, LLC | New York | ||||
| Long Meadows TBI, LLC | Maryland | ||||
| Mizner Realty, L.L.C. | Florida | ||||
| Morgan Street JV LLC | Delaware | ||||
| Naples TBI Realty, LLC | Florida | ||||
| Orlando TBI Realty LLC | Florida | ||||
| Placentia Development Company, LLC | California | ||||
| Plum Canyon Master LLC | Delaware | ||||
| PRD Investors, LLC | Delaware | ||||
| PT Maxwell Holdings, LLC | New Jersey | ||||
| PT Maxwell, L.L.C. | New Jersey | ||||
| Rancho Costera LLC | Delaware | ||||
| Regency at Denville, LLC | New Jersey | ||||
| Regency at Dominion Valley LLC | Virginia | ||||
| Regency at Washington I LLC | New Jersey | ||||
| Regency at Washington II LLC | New Jersey | ||||
| Shapell Hold Properties No. 1, LLC | Delaware | ||||
| Shapell Land Company, LLC | Delaware | ||||
| SRLP II LLC | Virginia | ||||
| Tampa TBI Realty LLC | Florida | ||||
| TB Kent Partners LLC | Delaware | ||||
| TB Realty Idaho LLC | Idaho | ||||
| TB Realty Utah LLC | Utah | ||||
| The Regency Golf Club I LLC | Virginia | ||||
| The Regency Golf Club II LLC | Virginia | ||||
| Toll Aster CA LLC | California | ||||
| Toll Austin TX LLC | Texas | ||||
| Toll Austin TX II LLC | Texas | ||||
| Toll Austin TX III LLC | Texas | ||||
| Toll BBC LLC | Texas | ||||
| Toll BBC II LLC | Texas | ||||
| Toll CA I LLC | California | ||||
| Toll CA III LLC | California | ||||
| Toll CA Note II LLC | California | ||||
| Toll CO I LLC | Colorado | ||||
| Toll Corners LLC | Delaware | ||||
| Toll Dallas TX LLC | Texas | ||||
| Toll EB, LLC | Delaware | ||||
| Toll Equipment, L.L.C. | Delaware | ||||
| Toll FL I, LLC | Florida | ||||
| Toll FL IV LLC | Florida | ||||
| Toll FL V LLC | Florida | ||||
| Toll Glastonbury LLC | Connecticut | ||||
| Toll Hamilton LLC | New Jersey | ||||
| Toll Henderson LLC | Nevada | ||||
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Exact Name of Registrant As Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | ||||
| Toll Hoboken LLC | Delaware | ||||
| Toll Houston Land LLC | Texas | ||||
| Toll Houston TX LLC | Texas | ||||
| Toll ID I LLC | Idaho | ||||
| Toll IN LLC | Indiana | ||||
| Toll Jupiter LLC | Florida | ||||
| Toll Land VII LLC | New York | ||||
| Toll Lexington LLC | New York | ||||
| Toll MA Development LLC | Massachusetts | ||||
| Toll MA Holdings LLC | Delaware | ||||
| Toll MA Land II GP LLC | Delaware | ||||
| Toll MA Management LLC | Massachusetts | ||||
| Toll MA I LLC | Massachusetts | ||||
| Toll MA II LLC | Massachusetts | ||||
| Toll MA III LLC | Massachusetts | ||||
| Toll MA IV LLC | Massachusetts | ||||
| Toll Matawan LLC | New Jersey | ||||
| Toll MD I, L.L.C. | Maryland | ||||
| Toll MD II LLC | Maryland | ||||
| Toll MD III LLC | Maryland | ||||
| Toll MD IV LLC | Maryland | ||||
| Toll Mid-Atlantic II LLC | Delaware | ||||
| Toll Midwest LLC | Delaware | ||||
| Toll Morgan Street LLC | Delaware | ||||
| Toll NC I LLC | North Carolina | ||||
| Toll NC IV LLC | North Carolina | ||||
| Toll NC Note LLC | North Carolina | ||||
| Toll NC Note II LLC | North Carolina | ||||
| Toll NJ I, L.L.C. | New Jersey | ||||
| Toll NJ II, L.L.C. | New Jersey | ||||
| Toll NJ III, LLC | New Jersey | ||||
| Toll NJ IV LLC | New Jersey | ||||
| Toll Northeast II LLC | Delaware | ||||
| Toll Northeast VIII LLC | Delaware | ||||
| Toll NY II LLC | New York | ||||
| Toll North LV LLC | Nevada | ||||
| Toll North Reno LLC | Nevada | ||||
| Toll NV GP I LLC | Nevada | ||||
| Toll NV Holdings LLC | Nevada | ||||
| Toll PA Twin Lakes LLC | Pennsylvania | ||||
| Toll Prasada LLC | Arizona | ||||
| Toll San Antonio TX LLC | Texas | ||||
| Toll South LV LLC | Nevada | ||||
| Toll South Reno LLC | Nevada | ||||
| Toll Southeast II LLC | Delaware | ||||
| Toll Southwest LLC | Delaware | ||||
| Toll Southwest II LLC | Delaware | ||||
| Toll Sparks LLC | Nevada | ||||
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Exact Name of Registrant As Specified in its Charter | State or Other Jurisdiction of Incorporation or Organization | ||||
| Toll SW Holding LLC | Nevada | ||||
| Toll TX Note LLC | Texas | ||||
| Toll VA III, L.L.C. | Virginia | ||||
| Toll Van Wyck, LLC | New York | ||||
| Toll Vanderbilt II LLC | Rhode Island | ||||
| Toll-Dublin, LLC | California | ||||
| Toll West Coast LLC | Delaware | ||||
| Toll West Coast II LLC | Delaware | ||||
| Upper K Investors, LLC | Delaware | ||||
| Upper K-Shapell, LLC | Delaware | ||||
| Vanderbilt Capital, LLC | Rhode Island | ||||