Benzinga | Oct 13, 2021 04:27PM EDT

Toll Brothers Forms JV With Principal Real Estate Investors For Rental Community In Massachusetts

* Toll Brothers Inc (NYSE: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.