Toll Brothers, Principal Real Estate Investors to Develop 300-Unit Multifamily in Metro Boston
Toll Brothers, Inc., through its Toll Brothers Apartment Living® rental division, and Principal Real Estate Investors have announced the formation of a new joint venture to develop Atwood, a 300-unit multifamily rental community in Saugus, MA.
The project is being financed through a $68 million construction loan facility from Citizens as lead administrative agent and Comerica Bank. The debt and equity were arranged by Toll Brothers’ in-house finance department, while Toll Brothers Apartment Living will manage the development, marketing, and property management.
Atwood is located on a 28-acre site in a suburban setting 10 miles north of Downtown Boston (with unobstructed views of the Boston skyline) and adjacent to the Route 1 retail corridor. It will consist of 300 rental apartments, including 225 market-rate and 75 affordable-rate units, in five stories of slab-on-grade, wood-frame construction with surface parking and 25 garage parking spaces.
- ◦Development
- ◦Financing