Mesa West Capital has provided a joint venture between affiliates of Toll Brothers, Inc. and Carlyle with an $81 million loan to refinance Emblem 120, a 289-unit mid-rise multifamily property in the Boston suburb of Woburn, MA. 

Developed and delivered in 2022 by Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc., the six-story property features a mix of studio, one-, two- and three-bedroom residences.   Among the many amenities at Emblem 120 are a central courtyard, outdoor pool with cabanas, work-from-home space, rooftop terrace and lounge, and a multi-level fitness center.  At street level, the property also features 9,390 square feet of retail and access to surface and covered parking.   

Located at 120 Commerce Way, Emblem 120 benefits from numerous demand drivers, including a strong regional employment base, a vast array of nearby retail and dining options and walkability to Anderson Regional Transportation Center, a transit hub providing commuter access to Downtown Boston and Logan International Airport.

“Emblem 120 is a high-quality multifamily asset built by an experienced developer, and supported by Greater Boston’s robust economy and a Woburn location that offers excellent local and regional access,” said Mesa West Capital Vice President Pamir Niaz, who originated the financing along with colleagues Matthew Snyder and Jacob Rosen.   “We believe the property will continue to perform given the area’s limited future supply pipeline, coupled with ongoing demand for desirable multifamily housing from a deep and well-employed renter base.”

The financing was arranged by Newmark’s Boston Debt & Structured Finance team led by David Douvadjian, Timothy O’Donnell, and David Douvadjian, Jr. 

LOS ANGELES (November 1, 2021) – Berkadia today announced that it has secured a joint venture partner for the nation’s leading builder of luxury homes Toll Brothers, Inc. (NYSE: TOL), through its Toll Brothers Apartment Living® rental subsidiary, to develop “Rafferty,” a new 218-unit multifamily rental community located in a Qualified Opportunity Zone (QOZ) in Santa Ana, Calif. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital identified the joint venture partner – EJF Capital LLC of Arlington, Va. – and helped structure the deal.

The project is being financed through $31.7 million in joint venture equity from EJF Capital, along with a $66 million loan facility from Santander Bank, N.A., arranged by Toll Brothers’ in-house Finance Department. Construction is scheduled for completion in 2024.

“Berkadia JV Equity & Structured Capital Group has a lot of experience with QOZ projects and after touring the area we were very confident that we would be able to find Toll Brothers the optimal capital partner for this exciting project,” said Bhatt. “We were delighted to work with such an experienced developer and look forward to assisting them on their future pipeline.”

Charles Elliott, President of Toll Brothers Apartment Living, stated: “We are excited to continue our expansion in Orange County and bring our elevated offerings to historic Santa Ana. We look forward to becoming an active partner in this vibrant community.”

Rafferty is located in the heart of historic, walkable downtown Santa Ana, in the center of restaurants, retail and other entertainment including the 4th Street Market, McFadden Public Market food halls, and the independent Frida Cinema. The centralized location in Orange County, including the addition of the OC Streetcar at the property’s front door, offers a commute of under an hour to downtown Los Angeles by car or rail. The property is a short drive to John Wayne Airport and Orange County’s leading employment centers, such as South Coast Metro, Newport Center, the Irvine Business Complex and Irvine Spectrum.

Rafferty will consist of 218 rental apartments in two, five-story and seven-story buildings with 328 parking spaces. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness center, resident lounge, maker’s room, jam room, speakeasy, co-working space, and sky lounge with outdoor terrace. Outdoor amenities include a resort-style pool, seating with grills and fire pit, and outdoor fitness equipment. Rafferty will also offer 12,350 square feet of ground-floor commercial space along Main and 4th Streets. This space is projected to include opportunities for restaurant, fitness, service, and retail uses.