Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental subsidiary, and PGIM Real Estate have announced the formation of a new joint venture to develop The Laurent, a 525-unit luxury apartment community in Cambridge, Massachusetts which will include 426 market rate and 99 affordable units. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
The joint venture has secured a $142 million construction loan facility from Wells Fargo Bank, N.A as Admin Agent, and BNY Mellon. 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 The Laurent.
The Laurent is located in the urban, high barrier-to-entry, Alewife area of Cambridge. The Laurent provides exceptional mass transit and vehicular transportation access to downtown Boston, Harvard University, The Massachusetts Institute of Technology and the area’s other world-class academic institutions as well as suburban tech corridors. The Laurent is a 7-story podium building situated on a 5.3-acre site. The community will offer luxury 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 underground parking. 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, “As we expand our significant presence in New England into Cambridge, we are excited to join the robust and resilient submarket. This market continues to thrive on the strength of the academic, biotech, pharmaceutical and technology institutions that call this area home.”
Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, said, “It is great to be partnering again with PGIM Real Estate to develop this exciting 525-unit community, which includes 99 much-needed affordable units in the Cambridge market. We also thank Wells Fargo and Bank of New York, with whom we have long and multi-faceted relationships, for their vote of confidence in providing a significant loan at this unique moment for the multi-family sector.”
Frank Garcia, Managing Director and Portfolio Manager at PGIM Real Estate, said, “We are thrilled to partner again with Toll Brothers and have the opportunity to deliver best-in-class apartments to the Cambridge community. We’re also excited to add another attractive build-to-core investment to our U.S. core portfolio in a key strategic market that should continue to thrive given its strong, diverse economic demand drivers.” Please visit TollBrothersApartmentLiving.com for future updates and information regarding the community.