Toll Brothers Forms JV With Principal Real Estate Investors For Rental Community In Massachusetts

by Shivani Kumaresan, Benzinga Staff Writer

October 13, 2021 4:27 PM | 1 min read | Make a Comment

Toll Brothers Inc TOL, through its Toll Brothers Apartment Living rental division, has formed a new joint venture with Principal Real Estate Investors to develop Atwood, a 300-unit multifamily rental community in Saugus, Massachusetts.
The project is being financed through a $68 million construction loan facility. Toll Brothers' in-house Finance Department arranged the debt and equity.
Toll Brothers Apartment Living will manage the development, marketing, and property management.
Atwood will comprise 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.
Price Action: TOL shares closed higher by 1.79% at $58.10 on Wednesday.

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