The Laurent, Cambridge, Massachusetts
Toll Brothers, America's luxury home builder
FORT WASHINGTON, PA, December 3, 2020 (GLOBE NEWSWIRE) – Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the nation's leading manufacturer of luxury real estate, through Toll Brothers Apartment Living® The Rental Subsidiary and PGIM Real Estate announced the formation of a new joint venture to develop The Laurent, a 525-unit luxury condominium community in Cambridge, Massachusetts that will include 426 market prices and 99 affordable units. PGIM Real Estate is the real estate investment and finance business of PGIM, the $ 1.4 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
The joint venture was funded by Wells Fargo Bank, N.A. as Admin Agent and BNY Mellon received a $ 142 million construction loan facility. The debt and equity financing was arranged by Toll Brothers' internal finance department. Toll Brothers Apartment Living will develop, market, rent and manage The Laurent.
The Laurent is located in the urban Alewife high barrier area of Cambridge. The Laurent offers exceptional mass transit and vehicle transportation access to downtown Boston, Harvard University, the Massachusetts Institute of Technology, and the area's other world-class academic institutions and suburban technology corridors. The Laurent is a 7-story podium set on 5.3 acres. The community offers luxurious indoor amenities including a guest lounge, common room, offices for working from home, dining area with kitchen to prepare entertainment, bar and play area, media lounge, fitness center, parcel reception , a pet spa and underground parking. Outdoor amenities include a rooftop deck, an outdoor saltwater pool with cabanas, outdoor games, BBQ, dining and lounge areas, and a dog run.
Charles Elliott, President of Toll Brothers Apartment Living, said, “As we expand our significant New England presence to Cambridge, we are excited to join the robust and resilient submarket. This market continues to thrive on the strength of the academic, biotechnological, pharmaceutical and technological institutions that call this area home. "
Fred Cooper, senior vice president of finance, international development and investor relations for Toll Brothers, said, “It is great to be working with PGIM Real Estate again to develop this exciting 525 unit community that includes 99 much needed affordable units Cambridge Market. We also thank Wells Fargo and the Bank of New York, with whom we have longstanding and diverse relationships, for their vote of confidence in providing a significant loan to the multi-family sector at this unique moment. "
Frank Garcia, General Manager and Portfolio Manager at PGIM Real Estate, said, “We are very excited to be working with Toll Brothers again and having the opportunity to deliver first class apartments to the Cambridge community. We are also excited to add another attractive build-to-core investment to our core US portfolio in a key strategic market that should continue to thrive given its strong, diverse economic demand drivers. "
Please visit www.TollBrothersApartmentLiving.com for future updates and information regarding the community.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., a FORTUNE 500 company, is the nation's leading manufacturer of luxury real estate. The company was founded over fifty years ago in 1967 and converted into a public company in 1986. The common stock is listed on the New York Stock Exchange under the symbol "TOL". The company serves first-time, emerging, vacant, active adults, affordable luxury and second home buyers, and urban and suburban tenants. 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, and the District of Columbia.
Toll Brothers build a range of luxury single family homes, single family homes, planned resort style golf courses, and urban low, medium and high rise communities, primarily on the land they develop and improve. The company acquires and develops rental apartments and commercial properties through Toll Brothers Apartment Living, Toll Brothers Campus Living and the affiliated Toll Brothers Realty Trust, and develops low, medium and high-rise urban condominiums for sale through Toll Brothers City. The company operates its own architecture, engineering, mortgage, property, land development and land sales, golf course development and management, and landscaping companies. Toll Brothers operates its own alarm monitoring company through TBI Smart Home Solutions, a full home technology division. In addition to security surveillance, TBI Smart Home Solutions offers homeowners a wide range of low voltage options that help buyers maximize the potential of the technology in their new home. The company also operates its own wood distribution, assembly of house components and manufacturing plants. Through the Gibraltar Real Estate Capital joint venture, the company offers builders and property developers land banking, non-recourse debt and equity.
In 2020, Toll Brothers was named the World's Most Admired Housing Company for the sixth year in a row in Fortune Magazine's Most Admired Companies in the World® survey. Toll Brothers has received numerous other awards including Builder of the Year from both Professional Builder Magazine and Builder Magazine, the first two-time recipient of Builder Magazine. The company sponsors the Toll Brothers Metropolitan Opera international radio network, which brings operas to neighborhoods around the world. More information is available at www.TollBrothers.com.
ABOUT TOLL BROTHERS APARTMENT LIVING®
Toll Brothers Apartment Living (TBAL) is the residential development division of Toll Brothers, Inc. (NYSE: TOL), an award-winning Fortune 500 company and the nation's leading luxury home manufacturer. Toll Brothers Apartment Living offers luxury home buyers across the country the same quality, value, and service as upscale urban and suburban rental communities in select markets including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix, and Washington, D.C. Toll Brothers Apartment Living has developed more than 6,400 units, manages more than 4,100 units and controls a national pipeline of more than 16,000 units. Toll Brothers Apartment Living's shared flats combine the energy of vibrant locations with unparalleled amenities, resident services, design and the expertise of the nation's leading luxury real estate manufacturer. More information is available at www.TollBrothersApartmentLiving.com
ABOUT PGIM REAL PROPERTY
As one of the largest real estate managers in the world, with gross assets under management and management of $ 182.5 billion1, PGIM Real Estate strives to deliver exceptional results to investors and borrowers through a range of real estate stock and debt solutions across the risk-return spectrum deliver . PGIM Real Estate is a business of PGIM, the $ 1.4 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate's strict risk management, seamless execution and deep industry knowledge draws on 50 years of commercial real estate experience, 140 years of real estate financing history2 and the extensive local expertise of professionals in 32 cities worldwide. Through its approach to investing, financing, asset management and talent management, PGIM Real Estate employs practices that have positive environmental and social impacts and pursues activities that empower communities around the world. Further information is available at www.pgimrealestate.com.
As of September 30, 2020. Net AUM is $ 121.3 billion and AUA is $ 40.4 billion.
2 Includes old loans through PGIM's parent company, PFI.
Great brothers Forward-Looking Statements
This press release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements can be identified by the fact that they do not relate to purely historical or factual matters and generally discuss or relate to future events. These statements contain words such as "anticipate", "estimate", "expect", "project", "intend", "plan", "believe", "may", "may", "could", "could" "should" "," Will "and other words or phrases of similar meaning. Such statements may include, but are not limited to, information about market conditions. Demand for our homes; expected operating results; Home deliveries; financial resources and condition; Changes in sales; Changes in profitability; Changes to the margins; Changes in accounting; Cost of sales; Sales and general administration costs; Interest expenses; Inventory depreciation; Guarantee claims and claims for defects; tax benefits not covered; expected tax refund; Sales speed and prices; Effects of homebuyer cancellations; Growth and expansion; Joint ventures in which we are involved; expected results of our investments in unconsolidated companies; the ability to purchase land and pursue real estate opportunities; the ability to obtain permits and open new communities; the ability to sell homes and real estate; the ability to deliver homes from the backlog; the ability to launch or complete projects through joint ventures; the ability to secure materials and subcontractors; the ability to produce the liquidity and capital needed to expand and capitalize on opportunities; and litigation, investigations and claims.
Some or all of the forward-looking statements in our reports or public statements made by us are not guarantees of future performance and may prove to be inaccurate. This could be due to incorrect assumptions or to known or unknown risks and uncertainties. Many factors mentioned in our reports or public statements, such as market conditions, government regulations, and the competitive landscape, will be important in determining our future performance. As a result, actual results could differ materially from those anticipated from our forward-looking statements.
Factors that could cause actual results to differ from those expressed or implied in our forward-looking statements include, but are not limited to: the economic and housing effects of the COVID-19 pandemic; Fluctuations in demand in the housing industry; adverse changes in economic conditions in markets in which we do our business and in which potential buyers of our homes live; Increase in the number of cancellations of existing sales contracts; the competitive environment in which we operate; Changes in interest rates or our credit ratings; the availability of capital; Uncertainties in the capital and securities markets; the ability of customers to obtain funding to buy homes; the availability and cost of land for future growth; the ability of participants in various joint ventures to meet their obligations; Effects of state legislation and regulation; Effects of increased taxes or government fees; Weather conditions; Availability and cost of labor and building and building materials; the cost of raw materials; the result of various product liability claims, legal disputes and warranty claims; the impact of losing key executives; Changes in tax laws and their interpretation; Construction delays; and the seasonal nature of our business. For a more complete description of these factors, see the information under the headings “Risk Factors” and “Management Discussion and Analysis of Financial Condition and Results of Operations” in our most recent periodic reports on Forms 10-K and 10-Q with the SEC.
From time to time, forward-looking statements may also be included in our periodic reports on Form 10-K, 10-Q, and 8-K, in press releases, in presentations, on our website, and in other publicly available materials.
This discussion is provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995 and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.
Forward-looking statements only apply at the time they are made. We assume no obligation to publicly update any forward-looking statements as a result of new information, future events or for any other reason.
Frederick N. Cooper (215) 938-8312
Caroline Bligh (973) 802-6837
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/51488d95-7de0-489b-889f-c6b2fe5f9bb1