Toll Brothers Refis Boston-Area Project With $81M Loan From Mesa West

Emblem 120, a 289-unit multifamily property in Woburn, opened in 2022


Toll Brothers and The Carlyle Group have secured $81 million to refinance Emblem 120, a 289-unit multifamily property in Woburn, Mass., just outside of Boston, Commercial Observer has learned. 

Mesa West Capital originated the financing, with the deal being led by Vice President Pamir Niaz, along with Matthew Snyder and Jacob Rosen. Newmark’s David Douvadjian Sr., Timothy O’Donnell and David Douvadjian Jr. – who lead the firm’s Boston Debt & Structured Finance Team – arranged the financing on behalf of both sponsors. 

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Mesa West Capital’s Niaz described Emblem 120 as “a high-quality multifamily asset” that gives residents “excellent local and regional access” to the nearby Downtown Boston economy, which sits 10 miles from the site. 

“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,” said Niaz in a statement. 

Emblem 120 sits at 120 Commerce Way in Woburn at the corner of Commerce Way and Atlantic Avenue — an area adjacent to Interstate 93 — and totals 396,000 square feet. The six-story building was developed and opened in 2022 by Toll Brothers Apartment Living, a subsidiary of Toll Brothers that specializes in rental properties. 

The 289-unit building features studios to three-bedroom residences and nearly 9,300 square feet of ground-floor retail. Amenities include a community courtyard, an outdoor pool with individual cabanas, a rooftop lounge, a fitness center, and work-from-home offices for residents. It also includes a seven-level garage with 432 parking spaces and indoor storage for 45 bicycles. 

The building is a short walk from Anderson Regional Transportation Center, a transit hub that provides direct access to neighborhoods in Downtown Boston and Logan International Airport.

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