Toll Brothers, PGIM Land $226M Loan For 34-Story Boston Apartment Project

A rendering of the planned 34-story apartment complex on Huntington Avenue, branded as Lyra.
Photo credit: Courtesy of Toll Brothers Apartment Living
A Rendering Of The Planned 34-Story Apartment Complex On Huntington Avenue, Branded As Lyra.

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 FargoBNY 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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Boston Newsletters
Related Stories

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Boston Property Owners Raise Alarms About Cost Of Electric-Building Push

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

How A New Financing Model Helps Spur More Mixed-Income Housing

Law Firm Relocating To South Station Tower: The Boston Deal Sheet