- Toll Brothers Inc TOL, through its Toll Brothers Apartment Living rental division, has formed a new joint venture with Principal Real Estate Investors to develop Atwood, a 300-unit multifamily rental community in Saugus, Massachusetts.
- The project is being financed through a $68 million construction loan facility. Toll Brothers' in-house Finance Department arranged the debt and equity.
- Toll Brothers Apartment Living will manage the development, marketing, and property management.
- Atwood will comprise 300 rental apartments, including 225 market-rate and 75 affordable-rate units, in five stories of slab-on-grade, wood-frame construction with surface parking and 25 garage parking spaces.
- Price Action: TOL shares closed higher by 1.79% at $58.10 on Wednesday.
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