Joint venture launched

Toll Brothers, Inc., through its Toll Brothers Apartment Living® rental division, and PGIM Real Estate, the real estate investment and financing business of PGIM, the $1.5 trillion global asset management business of Prudential Financial have announced another new joint venture to develop Lyra, a 34-story, 432-unit multifamily rental community in downtown Boston, MA.

The project, which will be the first development by Toll Brothers Apartment Living (TBAL) in Boston, is being financed through a $226 million construction loan facility from Wells Fargo N.A. as agent, along with BNY Mellon and The Bank of East Asia, Limited, New York Branch.

Lyra is located in a lively, always-on urban environment with convenient access to commercial and retail hubs.