A rendering of Emblem 120 in Woburn, MA.
WOBURN, MA—Home builder Toll Brothers, Inc. of Horsham, PA and an affiliate of Washington, DC-based global investment firm The Carlyle Group have formed a joint venture to develop a new 289-unit luxury multifamily project here.
The Emblem 120 project will be developed through Toll Brothers' rental apartment subsidiary Toll Brothers Apartment Living. The joint venture secured a construction loan facility from Wells Fargo Bank, N.A. The debt and equity financing were arranged by Toll Brothers' in-house finance department. Toll Brothers Apartment Living will manage the development, marketing, leasing and property management of Emblem 120. No financial details of the construction loan financing were released.
Emblem 120 will be six-story wood-frame-over-steel podium building situated on a 3.4-acre site and will include 9,390 square feet of retail space. The community will offer indoor amenities such as a resident lounge, co-working space, work-from-home offices, dining space with entertainment prep kitchen, bar and gaming area, media lounge, fitness center, package reception, pet spa and a six-story parking garage. Outdoor amenities will include a roof terrace, outdoor saltwater pool with cabanas, outdoor gaming, grilling, dining and lounge spaces and a dog run.
Charles Elliott, president of Toll Brothers Apartment Living, says, "Emblem 120 is the fourth and newest project Toll Brothers Apartment Living has undertaken in the Boston suburbs. Metro Boston is a supply-constrained market that combines a tremendous variety of employment opportunities, culture and recreational options."
Emblem 120's Woburn location is within a five-minute walk of Woburn's Anderson Regional Transportation Center, which provides commuter-rail access to job centers in Cambridge and Downtown Boston and express transport to Logan International Airport. The property also offers direct access to Route 93 and is adjacent to Route 128 / I-95, which will provide tenants with access to the technology corridor just south of the site along the Route 128 corridor.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
