Toll Brothers, Inc. (NYSE: TOL), through its Toll Brothers Apartment Living rental subsidiary, and an affiliate of global investment firm The Carlyle Group (NASDAQ: CG), have announced the formation of a new joint venture to develop Emblem 120, a 289-unit luxury apartment community in Boston’s northern suburb of Woburn, Massachusetts.
The joint venture has secured a construction loan facility from Wells Fargo Bank, N.A. The debt and equity financing were arranged by Toll Brothers’ in-house finance department. Toll Brothers Apartment Living will manage the development, marketing, leasing and property management of Emblem 120.
Emblem 120’s Woburn location is within a 5-minute walk of Woburn’s Anderson Regional Transportation Center, which provides convenient commuter-rail access to job centers in Cambridge and downtown Boston and express transport to Logan International Airport. Direct access to Route 93 and adjacency to Route 128 / I-95 gives residents easy auto access to the technology corridor just south of the site along the Route 128 corridor.
The regional employment base includes multiple Fortune 500 companies and numerous other companies serving a range of sectors, including life sciences, technology, and professional services. The nearby presence of Harvard and M.I.T has helped spawn a culture of tech and biotech innovation, incubation and entrepreneurship in nearby Cambridge and throughout the Greater Boston area.
Emblem 120 is a 6-story wood-frame-over-steel podium building situated on a 3.4-acre site and includes 9,390 square feet of retail space. The community will offer indoor amenities including a resident lounge, co-working space, work-from-home offices, dining space with entertainment prep kitchen, bar and gaming area, media lounge, fitness center, package reception, pet spa and 6-story parking garage. Outdoor amenities will include a roof terrace, outdoor saltwater pool with cabanas, outdoor gaming, grilling, dining and lounge spaces, and a dog run.
Charles Elliott, president of Toll Brothers Apartment Living, said, “Emblem 120 is the fourth and newest project Toll Brothers Apartment Living has undertaken in the Boston suburbs. Metro Boston is a supply-constrained market that combines a tremendous variety of employment opportunities, culture and recreational options. Emblem 120 will elevate the caliber of luxury residential offerings in the submarket, creating a new dynamic destination.”
Fred Cooper, Toll Brothers’ senior vice president for finance, international development and investor relations, said: “With multiple communities planned, under development or completed in Boston, Cambridge and adjacent towns, Toll Brothers Apartment Living has become a significant multi-family player in this unique market. We are very pleased to be partnering again with The Carlyle Group and thank our lender Wells Fargo for its continued support in providing us with both project and corporate financing. With a national pipeline of high-quality projects in development, we will continue to seek out great partners such as Carlyle and top lenders such as Wells Fargo to support our growth.”
