A large apartment complex in Cambridge’s Alewife neighborhood is one step closer to starting construction after developer Toll Brothers announced it had secured a construction loan and a development partnership for the project.

Wells Fargo and BNY Mellon will loan $142 million to Toll Brothers to build the 525-unit project in the Quadrangle section of the Alewife neighborhood, the company announced last week. Toll Brothers will develop the building, called The Laurent, via a joint venture with Prudential Financial’s real estate investment arm, PGIM Real Estate. Toll Brothers Apartment Living will manage the development, marketing, leasing and property management of The Laurent.

“As we expand our significant presence in New England into Cambridge, we are excited to join the robust and resilient submarket. This market continues to thrive on the strength of the academic, biotech, pharmaceutical and technology institutions that call this area home,” Toll Brothers Apartment Living President Charles said in a statement.

Toll Brothers bought the 7-story, 5.3-acre project one year ago for $44 million after original developer Westbrook Partners secured planning board approval for the development.

The building will add significant housing, including 99 affordable units, in the largely light industrial area which biotech and multifamily developers and city officials alike hope will be the site of Cambridge’s next development boom. Amenities will include co-working space, a pet spa, outdoor saltwater pool, underground parking and a dog run.

“We are thrilled to partner again with Toll Brothers and have the opportunity to deliver best-in-class apartments to the Cambridge community. We’re also excited to add another attractive build-to-core investment to our U.S. core portfolio in a key strategic market that should continue to thrive given its strong, diverse economic demand drivers,” PGIM Real Estate Managing Director Frank Garcia said in a statement.