Toll Brothers and Principal Real Estate JV to develop rental community in Massachusetts
Toll Brothers, through its Toll Brothers Apartment Living rental division, and Principal Real Estate Investors have formed a new joint venture to develop Atwood, a 300-unit multifamily rental community in Saugus, Mass. This is Toll Brothers first venture with Principal Real Estate Investors.
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. Toll Brothers Apartment Living will manage the development, marketing and property management.
Atwood is located on a 28-acre site in a secluded suburban setting, just 10 miles north of downtown Boston, adjacent to the vibrant Route 1 retail corridor. There is an abundance of shopping, dining, fitness and recreation options within a two-mile radius. Food and convenience options include Trader Joe’s, Stop and Shop, Walmart, Walgreens and CVS. Dining options inc