Toll Brothers, PGIM Open Metro Boston Luxury Community

Wells Fargo Bank and BNY Mellon provided a $142 million construction loan for the project.

Property at 55 Wheeler St., Cambridge, Mass.
The Laurent consists of three buildings, with two of them interlocking forms. Image courtesy of Toll Brothers

A joint venture between Toll Brothers and PGIM has officially opened The Laurent, a 525-unit luxury community in Cambridge, Mass. Wells Fargo Bank and BNY Mellon provided a $142 million construction loan for the project. Initial occupancy began in October of last year.

The city’s Planning Board approved the project in 2018. Later in 2020, construction began in earnest. Dellbrook | JKS served as general contractor, while DiMella Shaffer provided architectural services. Contracting and environmental management firm W.L. French was also part of the development team.

Including 100 affordable units, The Laurent was the first project to adhere to the city’s new 20 percent inclusionary zoning rules. Furthermore, the community meets Cambridge’s 2070 flood mitigation, is solar-ready and proposed for LEED Gold.

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Consisting of three seven-story buildings, the community encompasses studio and one- to three-bedroom floorplans ranging from 482 to 1,442 square feet. Units feature quartz countertops, fixed and floating kitchen islands, as well as floor-to-ceiling windows, to name a few.

Community amenities include two gyms, a saltwater swimming pool, coworking areas and a 130,000-square-foot underground parking garage, among others.

Located at 55 Wheeler St., The Laurent is less than 1 mile from U.S. Route 3 while downtown Boston is roughly 8 miles southeast. Within walking distance residents can access multiple retail options and quick-service restaurants, as well as Fresh Pond—a 155-acre kettle-hole lake.

Toll Brothers’ ventures with PGIM

Toll Brothers and PGIM also teamed up for the development of a 376-unit luxury community in Atlanta. The venture topped out the project dubbed Momentum Midtown last year. Wells Fargo Bank financed the construction with $95.8 million in 2021, Yardi Matrix data shows. The developers expect initial occupancy to begin this year.

One year earlier, in 2022, the two companies formed a joint venture to develop The Lindley, a 422-unit luxury community in San Diego. Wells Fargo and BNY Mellon provided a $187 million construction loan. The project is slated for completion this year.

Boston’s multifamily completions stall

As of June, developers had more than 17,900 units under construction in metro Boston, accounting for 6.6 percent of total stock, according to Yardi Matrix data.

As delays mount up, spurred by rising construction costs, north of 2,000 units debuted in Titletown year-to-date through May, marking a 31.6 percent decrease from last year’s multifamily deliveries of roughly 3,000 units during the same interval, the data provider shows.

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