Transactions - OCTOBER 13, 2021

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Toll Brothers and Principal Real Estate JV to develop rental community in Massachusetts

by Released

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

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