HORSHAM, Pa., April 20, 2020 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental subsidiary, and an affiliate of global investment firm The Carlyle Group (NASDAQ: CG), have announced the formation of a new joint venture to develop Emblem 120, a 289-unit luxury apartment community in Boston’s northern suburb of Woburn, Massachusetts. The joint venture has secured a construction loan facility from Wells Fargo Bank, N.A. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development, marketing, leasing and property management of Emblem 120.

Emblem 120’s Woburn location is within a 5-minute walk of Woburn’s Anderson Regional Transportation Center, which provides convenient commuter-rail access to job centers in Cambridge and downtown Boston and express transport to Logan International Airport. Direct access to Route 93 and adjacency to Route 128 / I-95 gives residents easy auto access to the technology corridor just south of the site along the Route 128 corridor. Emblem 120 will benefit from the region’s strong employment base, including multiple Fortune 500 companies and numerous other companies serving a range of sectors, including life sciences, technology, and professional services. The nearby presence of Harvard and M.I.T has helped spawn a culture of tech and biotech innovation, incubation and entrepreneurship in nearby Cambridge and throughout the Greater Boston area.

Emblem 120 is a 6-story wood-frame-over-steel podium building situated on a 3.4-acre site and includes 9,390 square feet of retail space. The community will offer exceptional indoor amenities, including a resident lounge, co-working space, work-from-home offices, dining space with entertainment prep kitchen, bar and gaming area, media lounge, fitness center, package reception, pet spa and 6-story parking garage. Outdoor amenities will include a roof terrace, outdoor saltwater pool with cabanas, outdoor gaming, grilling, dining and lounge spaces, and a dog run.

Charles Elliott, President of Toll Brothers Apartment Living, said, “Emblem 120 is the fourth and newest project Toll Brothers Apartment Living has undertaken in the Boston suburbs. Metro Boston is a supply-constrained market that combines a tremendous variety of employment opportunities, culture and recreational options. Emblem 120 will elevate the caliber of luxury residential offerings in the submarket, creating a new dynamic destination.”

Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development and Investor Relations, said: “With multiple communities planned, under development or completed in Boston, Cambridge and adjacent towns, Toll Brothers Apartment Living has become a significant multi-family player in this unique market. We are very pleased to be partnering again with The Carlyle Group and thank our lender Wells Fargo for its continued support in providing us with both project and corporate financing. With a national pipeline of high-quality projects in development, we will continue to seek out great partners such as Carlyle and top lenders such as Wells Fargo to support our growth.”

Please visit TollBrothersApartmentLiving.com for future updates and information regarding the community. For retail inquiries contact Rob Robledo (rob.robledo@cbre.com) and John Ferris (john.ferris@cbre.com) with CBRE.

ABOUT TOLL BROTHERS
Toll Brothers, Inc., A FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company began business over fifty years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves move-up, empty-nester, active-adult, affordable luxury and second-home buyers, as well as urban and suburban renters. It operates in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia.

Toll Brothers builds an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land it develops and improves. The Company acquires and develops rental apartment and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living, and the affiliated Toll Brothers Realty Trust, and develops urban low-, mid-, and high-rise for-sale condominiums through Toll Brothers City Living. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, and landscape subsidiaries. Toll Brothers operates its own security company, TBI Smart Home Solutions, which provides homeowners with home automation and a full range of technology solutions. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. Through its Gibraltar Real Estate Capital joint venture, the Company provides builders and developers with land banking, non-recourse debt and equity capital.

In 2020, Toll Brothers was named World’s Most Admired Home Building Company in Fortune magazine’s survey of the World’s Most Admired Companies®, the sixth year in a row it has been so honored. Toll Brothers has won numerous other awards, including Builder of the Year from both Professional Builder magazine and Builder magazine, the first two-time recipient from Builder magazine. The Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information visit www.TollBrothers.com

ABOUT TOLL BROTHERS APARTMENT LIVING®

Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL), an award-winning Fortune 500 company and the nation’s premier builder of luxury homes. Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale rental communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment Living has developed more than 5,700 units, has more 3,500 units under management and controls a national pipeline of more than 19,000 units. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of the nation’s leading builder of luxury homes. For more information visit TollBrothersApartmentLiving.com