Plans are underway for the development of a 432-unit Lyra residential tower in downtown Boston, Massachusetts. Toll Brothers, a leading luxury home developer announced recently that the residential tower would be developed through a joint venture between its Apartment Living rental division and PGIM Real Estate.Â
Located at the intersection of Huntington and Massachusetts Avenues, the 34-story Lyra residential tower will be the first project to be developed by the Toll Brothers Apartment Living (TBAL) at a centralized location in Boston, which gives residents access to several arts and leisure venues, world-class dining options and MBTA routes.Â
Features of the Lyra Residential tower project
In addition to the featured 432 rental apartments, consisting of 376 market-rate and 56 affordable units, the Lyra residential tower will also provide 5,500 square feet of ground-floor retail components, with 66 parking spaces for cars and bicycles.Â
All units will be furnished with high-end luxury finishes and also provide residents with the best-in-class amenity packages, which include a fitness centre, 24-hour concierge service, co-working space, screening room, meeting room and lounge, pet spa, and a rooftop lounge with an outdoor terrace.
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The design plan for the Lyra residential tower also includes a two-story glass jewel box, which will house the retail spaces. This segment of the development will be purpose-built for a single-tenant dining experience and is positioned at a prime location, surrounded by the Boston Symphony Hall, the Huntington Theatre Company, and several other nearby cultural venues.
Funding for the project
The developers intend to fund the Lyra residential tower project by using a $226 Million Construction Loan, which was secured from BNY Mellon, and The Bank of East Asia, Limited, New York Branch. The Toll Brothers’ in-house Finance Department was responsible for arranging the equity and debt.
TBAL’s President, Charles Elliott mentioned that the development of the Lyra residential tower was part of the company’s expansion throughout the northeastern market. He described Lyra, as a luxurious, amenity-rich apartment tower, providing residents with a retreat from the hustle and bustle of downtown Boston; including access to some of the very best shopping, dining, and entertainment destinations available in the city.
