Toll Brothers, through its Toll Brothers Apartment Living (TBAL) rental division, and PGIM Real Estate have formed a new joint venture to develop Lyra, a 34-story, 432-unit multifamily rental community in downtown Boston.
The project, which will be the first development by TBAL in Boston, is being financed through a $226 million construction loan facility from Wells Fargo as agent, along with BNY Mellon and The Bank of East Asia Ltd.’s New York Branch. The equity and debt were arranged by Toll Brothers’ in-house Finance Department.
Lyra is located at the intersection of Huntington and Massachusetts avenues in a lively, always-on urban environment with convenient access to the commercial and retail hubs of Boston’s Back Bay, Fenway-Kenmore and South End. The central location is near multiple MBTA routes, several arts and entertainment venues, world-class dining options, and more than 15 million square feet of commercial office space. Residents also have easy acces
