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FORT WASHINGTON, Pa., Dec 03, 2020 (GLOBE NEWSWIRE via COMTEX) —
FORT WASHINGTON, Pa., Dec. 03, 2020 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living(R) rental subsidiary, and PGIM Real Estate have announced the formation of a new joint venture to develop The Laurent, a 525-unit luxury apartment community in Cambridge, Massachusetts which will include 426 market rate and 99 affordable units. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.4 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
The joint venture has secured a $142 million construction loan facility from Wells Fargo Bank, N.A as Admin Agent, and BNY Mellon. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department.