Toll Brothers, Inc. (NYSE: TOL) (www.TollBrothers.com), the
nation’s leading builder of luxury homes, through its Toll Brothers
Apartment Living® rental subsidiary, and an affiliate of global
investment firm The Carlyle Group (NASDAQ: CG), have announced the
formation of a new joint venture to develop Emblem 120, a 289-unit
luxury apartment community in Boston’s northern suburb of Woburn,
Massachusetts. The joint venture has 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.
Emblem 120’s Woburn location is within a
5-minute walk of Woburn’s Anderson Regional Transportation Center,
which provides convenient commuter-rail access to job centers in
Cambridge and downtown Boston and express transport to Logan
International Airport. Direct access to Route 93 and adjacency to
Route 128 / I-95 gives residents easy auto access to the technology
corridor just south of the site along the Route 128 corridor.
Emblem 120 will benefit from the region’s strong employment base,
including multiple Fortune 500 companies and numerous other
companies serving a range of sectors, including life sciences,
technology, and professional services. The nearby presence of
Harvard and M.I.T has helped spawn a culture of tech and biotech
innovation, incubation and entrepreneurship in nearby Cambridge and
throughout the Greater Boston area.
Emblem 120 is a 6-story wood-frame-over-steel
podium building situated on a 3.4-acre site and includes 9,390
square feet of retail space. The community will offer exceptional
indoor amenities, including 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 6-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, said, “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 will elevate the caliber of luxury
residential offerings in the submarket, creating a new dynamic
destination.”
Fred Cooper, Toll Brothers’ Senior Vice
President for Finance, International Development and Investor
Relations, said: “With multiple communities planned, under
development or completed in Boston, Cambridge and adjacent towns,
Toll Brothers Apartment Living has become a significant
multi-family player in this unique market. We are very pleased to
be partnering again with The Carlyle Group and thank our lender
Wells Fargo for its continued support in providing us with both
project and corporate financing. With a national pipeline of
high-quality projects in development, we will continue to seek out
great partners such as Carlyle and top lenders such as Wells Fargo
to support our growth.”
Please visit TollBrothersApartmentLiving.com for
future updates and information regarding the community. For retail
inquiries contact Rob Robledo (rob.robledo@cbre.com) and John
Ferris (john.ferris@cbre.com) with CBRE.
ABOUT TOLL BROTHERSToll
Brothers, Inc., A FORTUNE 500 Company, is the nation's leading
builder of luxury homes. The Company began business over fifty
years ago in 1967 and became a public company in 1986. Its common
stock is listed on the New York Stock Exchange under the symbol
“TOL.” The Company serves move-up, empty-nester, active-adult,
affordable luxury and second-home buyers, as well as urban and
suburban renters. It operates in 24 states: Arizona, California,
Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois,
Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York,
North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee,
Texas, Utah, Virginia, and Washington, as well as in the District
of Columbia.
Toll Brothers builds an array of luxury
residential single-family detached, attached home, master planned
resort-style golf, and urban low-, mid-, and high-rise communities,
principally on land it develops and improves. The Company acquires
and develops rental apartment and commercial properties through
Toll Brothers Apartment Living, Toll Brothers Campus Living, and
the affiliated Toll Brothers Realty Trust, and develops urban low-,
mid-, and high-rise for-sale condominiums through Toll Brothers
City Living. The Company operates its own architectural,
engineering, mortgage, title, land development and land sale, golf
course development and management, and landscape subsidiaries. Toll
Brothers operates its own security company, TBI Smart Home
Solutions, which provides homeowners with home automation and a
full range of technology solutions. The Company also operates its
own lumber distribution, house component assembly, and
manufacturing operations. Through its Gibraltar Real Estate Capital
joint venture, the Company provides builders and developers with
land banking, non-recourse debt and equity capital.
In 2020, Toll Brothers was named World’s Most
Admired Home Building Company in Fortune magazine’s survey of the
World’s Most Admired Companies®, the sixth year in a row it has
been so honored. Toll Brothers has won numerous other awards,
including Builder of the Year from both Professional Builder
magazine and Builder magazine, the first two-time recipient from
Builder magazine. The Company sponsors the Toll Brothers
Metropolitan Opera International Radio Network, bringing opera to
neighborhoods throughout the world. For more information visit
www.TollBrothers.com
ABOUT TOLL BROTHERS
APARTMENT LIVING®Toll Brothers Apartment Living is
the apartment development division of Toll Brothers, Inc. (NYSE:
TOL), an award-winning Fortune 500 company and the nation’s premier
builder of luxury homes. Toll Brothers Apartment Living is bringing
the same quality, value, and service familiar to luxury home buyers
throughout the country to upscale rental communities in select
markets, including Atlanta, Boston, Dallas, Los Angeles, New York,
Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment
Living has developed more than 5,700 units, has more 3,500 units
under management and controls a national pipeline of more than
19,000 units. Toll Brothers Apartment Living communities combine
the energy of vibrant locations with unparalleled amenities,
resident services, design, and the expertise of the nation’s
leading builder of luxury homes. For more information visit
TollBrothersApartmentLiving.com
Forward-Looking Statements
This release contains or may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. One can
identify these statements by the fact that they do not relate to
matters of a strictly historical or factual nature and generally
discuss or relate to future events. These statements contain
words such as “anticipate,” “estimate,” “expect,” “project,”
“intend,” “plan,” “believe,” “may,” “can,” “could,” “might,”
“should,” “will” and other words or phrases of similar meaning.
Such statements may include, but are not limited to, information
related to market conditions; demand for our homes; anticipated
operating results; home deliveries; financial resources and
condition; changes in revenues; changes in profitability; changes
in margins; changes in accounting treatment; cost of revenues;
selling, general and administrative expenses; interest expense;
inventory write-downs; home warranty and construction defect
claims; unrecognized tax benefits; anticipated tax refunds; sales
paces and prices; effects of home buyer cancellations; growth and
expansion; joint ventures in which we are involved; anticipated
results from our investments in unconsolidated entities; the
ability to acquire land and pursue real estate opportunities; the
ability to gain approvals and open new communities; the ability to
sell homes and properties; the ability to deliver homes from
backlog; the ability to start or complete projects, whether or not
through joint ventures; the ability to secure materials and
subcontractors; the ability to produce the liquidity and capital
necessary to expand and take advantage of opportunities; and legal
proceedings, investigations and claims.
Any or all of the forward-looking statements
included in our reports or public statements made by us are not
guarantees of future performance and may turn out to be inaccurate.
This can occur as a result of incorrect assumptions or as a
consequence of known or unknown risks and uncertainties. Many
factors mentioned in our reports or public statements made by us,
such as market conditions, government regulation, and the
competitive environment, will be important in determining our
future performance. Consequently, actual results may differ
materially from those that might be anticipated from our
forward-looking statements.
The factors that could cause actual results to
differ from those expressed or implied by our forward-looking
statements include, among others: the impact of the COVID-19
pandemic on the economy and the housing industry; demand
fluctuations in the housing industry; adverse changes in economic
conditions in markets where we conduct our operations and where
prospective purchasers of our homes live; increases in
cancellations of existing agreements of sale; the competitive
environment in which we operate; changes in interest rates or our
credit ratings; the availability of capital; uncertainties in the
capital and securities markets; the ability of customers to obtain
financing for the purchase of homes; the availability and cost of
land for future growth; the ability of the participants in various
joint ventures to honor their commitments; effects of governmental
legislation and regulation; effects of increased taxes or
governmental fees; weather conditions; the availability and cost of
labor and building and construction materials; the cost of raw
materials; the outcome of various product liability claims,
litigation and warranty claims; the effect of the loss of key
management personnel; changes in tax laws and their interpretation;
construction delays; and the seasonal nature of our business.
For a more detailed discussion of these factors, see the risk
factors in the information under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our most recent periodic reports filed on
Forms 10-K and 10-Q with the SEC.
From time to time, forward-looking statements
also are included in our periodic reports on Forms 10-K, 10-Q and
8-K, in press releases, in presentations, on our website and in
other materials released to the public.
This discussion is provided as permitted by the
Private Securities Litigation Reform Act of 1995, and all of our
forward-looking statements are expressly qualified in their
entirety by the cautionary statements contained or referenced in
this section.
Forward-looking statements speak only as of the
date they are made. We undertake no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACT: Frederick N. Cooper (215)
938-8312fcooper@tollbrothers.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cfeb1233-92fe-42a4-a279-ab74e7abaa2c
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