Toll Brothers & PGIM Launch 525-Unit Luxury Community in Cambridge

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

Development History

The Cambridge Planning Board approved the project in 2018, with construction beginning in 2020. Dellbrook | JKS served as the general contractor, and DiMella Shaffer provided architectural services. W.L. French handled contracting and environmental management.

Features and Compliance

The Laurent includes 100 affordable units, making it the first project to adhere to Cambridge’s 20 percent inclusionary zoning rules. It meets the city’s 2070 flood mitigation standards, is solar-ready, and proposed for LEED Gold certification. The community comprises three seven-story buildings offering studio, one-, two-, and three-bedroom units ranging from 482 to 1,442 square feet. Features include quartz countertops, kitchen islands, and floor-to-ceiling windows.

Amenities and Location

Amenities at The Laurent include two gyms, a saltwater swimming pool, coworking areas, and a 130,000-square-foot underground parking garage. Located at 55 Wheeler St., it is less than a mile from U.S. Route 3 and about 8 miles from downtown Boston. Residents have access to retail options, quick-service restaurants, and the Fresh Pond Reservation.

Toll Brothers and PGIM Joint Ventures

Toll Brothers and PGIM also developed a 376-unit luxury community in Atlanta, named Momentum Midtown, with Wells Fargo financing $95.8 million for construction in 2021. Initial occupancy is expected this year. Additionally, the companies formed a joint venture for The Lindley, a 422-unit luxury community in San Diego, with a $187 million construction loan from Wells Fargo and BNY Mellon. This project is also set for completion this year.

Boston’s Multifamily Market Challenges

As of June, developers had over 17,900 units under construction in metro Boston, representing 6.6 percent of the total stock. Rising construction costs have caused delays, with only 2,000 units completed in Boston through May, a 31.6 percent decrease from the same period last year.