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A rendering of Emblem 120 in Woburn, MA. 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.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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