Toll Brothers, PGIM Land $226M Loan For 34-Story Boston Apartment Project
Toll Brothers has secured financing to build a 34-story apartment tower in Downtown Boston, its first development in the city.
The developer is partnering with PGIM Real Estate, and the joint venture obtained a $226M construction financing package from Wells Fargo, BNY Mellon and The Bank of East Asia for the project, the team announced Tuesday.
Branded as Lyra, the project is planned to have 432 units and 5,500 SF of retail at the intersection of Huntington and Massachusetts avenues, near Boston's Back Bay and South End neighborhoods. Of the 432 units, 376 would be market-rate and 56 would be affordable.
The building's amenities are planned to include a 24-hour concierge, a fitness center, coworking space, a meeting room, a rooftop lounge and an outdoor terrace. Its parking garage would have 66 spaces and bicycle storage. The two-story retail space is designed as a "glass jewel-box" intended for a single restaurant tenant, the developer said.
“As part of our expansion throughout the northeast market, we are thrilled to enter downtown Boston with Lyra, a luxurious, amenity-rich retreat from the hustle and bustle of downtown that still provides residents outstanding access to some of the very best shopping, dining, and entertainment destinations found in the city,” Toll Brothers Apartment Living President Charles Elliott said in a release.
The Boston Planning & Development Agency first approved a project on the site, which is adjacent to the Huntington Theater Co. building, in December 2017. In July 2019, it approved a revised plan that added two floors to make the project 34 stories tall.
Toll Brothers owns apartment complexes in the Massachusetts suburbs, including Emblem 120 in Woburn, The Bradford in Belmont and The Kendrick in Needham. Lyra will be its first apartment project in Boston.
One of the 12 largest multifamily developers in the U.S., Toll Brothers owns properties in 60 markets. The company says its apartment living division has developed 8,500 units, has 4,500 under management and more than 20,500 in the pipeline.