Toll Brothers Apartment Living / Ares Joint Venture Secures $91 Million Construction Loan To Develop New Luxury Rental Community In Greater Boston's Needham Market

HORSHAM, Pa., Nov. 03, 2016 (GLOBE NEWSWIRE) -- 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.
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Apartment Living

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."

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