A rendering of Emblem 120 in Woburn, MA. A rendering of Emblem 120 in Woburn, MA.

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WOBURN, MA—Home builder Toll Brothers, Inc. of Horsham, PA andan affiliate of Washington, DC-based global investment firm TheCarlyle Group have formed a joint venture to develop a new 289-unitluxury multifamily project here.

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The Emblem 120 project will be developed through Toll Brothers' rental apartment subsidiaryToll Brothers Apartment Living. The joint venture secured aconstruction loan facility from Wells Fargo Bank, N.A. The debt andequity financing were arranged by Toll Brothers' in-house financedepartment. Toll Brothers Apartment Living will manage thedevelopment, marketing, leasing and property management of Emblem120. No financial details of the construction loan financing werereleased.

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Emblem 120 will be six-story wood-frame-over-steel podiumbuilding situated on a 3.4-acre site and will include 9,390 squarefeet of retail space. The community will offer indoor amenitiessuch as a resident lounge, co-working space, work-from-homeoffices, dining space with entertainment prep kitchen, bar andgaming area, media lounge, fitness center, package reception, petspa and a six-story parking garage. Outdoor amenities will includea roof terrace, outdoor saltwater pool with cabanas, outdoorgaming, grilling, dining and lounge spaces and a dog run.

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Charles Elliott, president of Toll Brothers Apartment Living,says, "Emblem 120 is the fourth and newest project Toll BrothersApartment Living has undertaken in the Boston suburbs. Metro Bostonis a supply-constrained market that combines a tremendous varietyof employment opportunities, culture and recreational options."

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Emblem 120's Woburn location is within a five-minute walk ofWoburn's Anderson Regional Transportation Center, which providescommuter-rail access to job centers in Cambridge and DowntownBoston and express transport to Logan International Airport. Theproperty also offers direct access to Route 93 and is adjacent toRoute 128 / I-95, which will provide tenants with access to thetechnology corridor just south of the site along the Route 128corridor.

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John Jordan

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