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 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. Toll
Brothers Apartment Living will manage the development, marketing,
leasing and property management of The Laurent.
The Laurent is located in the urban, high
barrier-to-entry, Alewife area of Cambridge. The Laurent provides
exceptional mass transit and vehicular transportation access to
downtown Boston, Harvard University, The Massachusetts Institute of
Technology and the area’s other world-class academic institutions
as well as suburban tech corridors. The Laurent is a 7-story podium
building situated on a 5.3-acre site. The community will offer
luxury 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 underground parking. 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, “As we expand our significant presence in
New England into Cambridge, we are excited to join the robust and
resilient submarket. This market continues to thrive on the
strength of the academic, biotech, pharmaceutical and technology
institutions that call this area home.”
Fred Cooper, Toll Brothers’ Senior Vice
President for Finance, International Development and Investor
Relations, said, “It is great to be partnering again with PGIM Real
Estate to develop this exciting 525-unit community, which includes
99 much-needed affordable units in the Cambridge market. We also
thank Wells Fargo and Bank of New York, with whom we have long and
multi-faceted relationships, for their vote of confidence in
providing a significant loan at this unique moment for the
multi-family sector.”
Frank Garcia, Managing Director and Portfolio
Manager at PGIM Real Estate, said, “We are thrilled to partner
again with Toll Brothers and have the opportunity to deliver
best-in-class apartments to the Cambridge community. We’re also
excited to add another attractive build-to-core investment to our
U.S. core portfolio in a key strategic market that should continue
to thrive given its strong, diverse economic demand drivers.”
Please visit www.TollBrothersApartmentLiving.com
for future updates and information regarding the community.
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 first-time, 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 alarm monitoring company through TBI
Smart Home Solutions, a complete home technology division. In
addition to providing security monitoring, TBI Smart Home Solutions
offers homeowners a full range of low voltage options, allowing
buyers to maximize the potential of technology in their new home.
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
(TBAL) 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 urban and suburban
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 6,400 units, has more 4,100 units under management and
controls a national pipeline of more than 16,000 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 www.TollBrothersApartmentLiving.com
ABOUT PGIM REAL
ESTATEAs one of the largest real estate managers in the
world with $182.5 billion in gross assets under management and
administration1, PGIM Real Estate strives to deliver exceptional
outcomes for investors and borrowers through a range of real estate
equity and debt solutions across the risk-return
spectrum. PGIM Real Estate is a business of PGIM, the $1.4
trillion global asset management business of Prudential Financial,
Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management,
seamless execution, and extensive industry insights are backed by a
50-year legacy of investing in commercial real estate, a 140-year
history of real estate financing2, and the deep local expertise of
professionals in 32 cities globally. Through its investment,
financing, asset management, and talent management approach, PGIM
Real Estate engages in practices that ignite positive environmental
and social impact, while pursuing activities that strengthen
communities around the world. For more information visit
www.pgimrealestate.com.
1As of September 30, 2020.Net AUM is $121.3 billion and AUA is
$40.4 billion. 2Includes legacy lending through PGIM’s parent
company, PFI.
Toll Brothers’
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
Caroline Bligh (973)
802-6837caroline.bligh@pgim.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/51488d95-7de0-489b-889f-c6b2fe5f9bb1
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