Toll Brothers, PGIM Real Estate form JV, make first project in San Diego

Toll Brothers, through its Toll Brothers Apartment Living® rental division, and PGIM Real Estate, the $208.7 billion real estate investment and financing business of PGIM, have announced a new joint venture to develop The Lindley, a 37-story, 422-unit multifamily rental community in San Diego.

The Lindley, which is the first Toll Brothers Apartment Living (TBAL) project in San Diego, is being financed through a $187 million construction loan facility from BNY Mellon and Wells Fargo. The equity and debt were arranged by Toll Brothers’ in-house Finance Department in collaboration with the PGIM Real Estate Capital Markets Team.

The Lindley is located at the corner of Columbia Street and Ash Street in San Diego’s Columbia business district. The Lindley offers convenient access to PETCO Park, Balboa Park, the Santa Fe Rail Station, and the San Diego International Airport as well as many dining and entertainment options in Little Italy, Harborview, Embarcadero, and the