A developer that specializes in luxury subdivisions says it has secured a $226-million loan to build its first luxury apartment building in Boston - at 252-264 Huntington Ave., at Mass. Ave.
Toll Brothers of Fort Washington, PA, working with Prudential Financial's real-estate wing, is proposing a 34-story, 432-unit apartment building, with 56 apartments to be rented as affordable. The building, an "amenity-rich retreat from the hustle and bustle of downtown," would have a 66-space garage, along with a 24-hour concierge, a health club and a pet spa.
In a statement, Prudential Financial said the Boston rental market has strongly emerged from the pandemic.
The BPDA approved the proposal - which included keeping the BU Theatre and signing it over to the Huntington Theatre Co. for $1 - in 2017, then agreed to some changes in 2019.
Toll Brothers bought the rights to the project from the original developers in 2018, according to corporate records on file at the Secretary of State's office.