Toll Brothers Apartment Living / Ares Joint Venture Secures $91 Million Construction Loan To Develop New Luxury Rental Commun...
November 03 2016 - 08:00AM
Toll Brothers, Inc. (NYSE:TOL) (www.TollBrothers.com), the nation’s
leading builder of luxury homes, through its Toll Brothers
Apartment Living subsidiary, along with its joint venture partner,
real estate funds managed by Ares Management, L.P. (NYSE:ARES),
announced the launch of a 390-unit luxury rental community located
in Needham, MA. The project, which is expected to break ground in
December 2016, is being financed through a $91 million construction
facility from JPMorgan Chase as administrative agent and TD Bank,
N.A. Leasing is projected to commence in mid-2018. Affiliates
of Toll Brothers Apartment Living will manage the community’s
development, marketing, leasing and property management.
Toll Brothers Apartment Living’s newest
community in the Boston market will feature a mix of studio, one,
two and three bedroom units. The residences will include over
12,000 square feet of luxury amenity space featuring a resident
lounge, pub and game room, demonstration kitchen, media lounge,
gym, fitness studio and dog spa. A resort-style pool, two
courtyards with outdoor grills and fire pits and a roof deck
amenity will create a truly luxurious experience. Additionally, the
community will offer residents concierge services, as well as kayak
and bike share services.
“We are looking forward to continuing our
partnership with Ares Management with the development of this
exciting luxury apartment community in Needham,” said Charles
Elliott, Managing Director, Toll Brothers Apartment Living. “With
its convenient location and close proximity to downtown Boston,
Needham is an ideal town for our continued expansion throughout the
Boston metro area.”
“We are very pleased with the continued growth
of our longstanding relationship with Toll Brothers and the support
of JPMorgan and TD Bank in funding this excellent project,” said
Andrew Holm, Managing Director in the Ares Real Estate Group.
"The construction of this best-in-class rental community continues
Ares' history of developing high-quality properties across major
markets in the United States."
Please visit www.TollBrothersApartmentLiving.com
for future updates and information regarding the community.
ABOUT TOLL BROTHERS APARTMENT
LIVING
Toll Brothers Apartment Living is the apartment
development division of Toll Brothers, Inc., the nation’s premier
builder of luxury homes. Toll Brothers Apartment Living is bringing
the same quality, value, and service familiar to luxury home buyers
throughout the country to upscale rental communities in select
markets, including Boston, New York, Philadelphia, and Washington,
DC. Toll Brothers Apartment Living communities combine the energy
of vibrant locations with unparalleled amenities, resident
services, design, and the expertise of the nation’s leading builder
of luxury homes. In FORTUNE Magazine’s 2016 Survey of The World’s
Most Admired Companies® Toll Brothers was ranked
#6 worldwide across ALL INDUSTRIES in Quality of Products/Services
Offered after Apple, Walt Disney, Amazon, Alphabet, and Nordstrom,
and before Netflix and Facebook. For more information on Toll
Brothers Apartment Living and its other apartment communities,
visit www.tollbrothersapartmentliving.com.
ABOUT ARES MANAGEMENT
Ares Management, L.P. is a publicly traded,
leading global alternative asset manager with approximately $95
billion of assets under management as of June 30, 2016 and more
than 15 offices in the United States, Europe and Asia. Since its
inception in 1997, Ares has adhered to a disciplined investment
philosophy that focuses on delivering strong risk-adjusted
investment returns throughout market cycles. Ares believes each of
its three distinct but complementary investment groups in Credit,
Private Equity and Real Estate is a market leader based on assets
under management and investment performance. Ares was built upon
the fundamental principle that each group benefits from being part
of the greater whole. For more information, visit
www.aresmgmt.com.
CONTACT:
Toll Brothers
Frederick N. Cooper, IR/Financial Media
fcooper@tollbrothersinc.com (215) 938-8312
Kira Sterling, General Media
ksterling@tollbrothersinc.com (215) 938-8220
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