FORT WASHINGTON, PA – Toll Brothers, Inc. (NYSE: TOL) and HQ Capital Real Estate, through their subsidiary Toll Brothers Apartment Living®, have announced the formation of a new joint venture to develop Hathon, a 190-unit multi-family rental community in Medway. MA. The project is funded by a $ 45 million construction loan from PNC Bank. Debt and equity were arranged by Toll Brothers’ in-house finance department. Toll Brothers Apartment Living will take over the development, marketing and asset management of the project.
Hathon is located on 12.3 acres on Main Street in Medway. The city is located between Boston, Massachusetts and Providence, Rhode Island, with easy access to the Interstate 495 corridor and the area’s many work centers. The MetroWest market is considered one of the most desirable submarkets of Greater Boston and is often known for its typical New England feel and its affordability compared to downtown Boston and Cambridge.
Hathon will consist of 190 rental apartments (142 standard market units and 48 inexpensive units) in four and five-story timber frame construction with parking spaces. The apartment buildings will have high-quality luxury furnishings and a first-class package of amenities, including a state-of-the-art fitness center, an outdoor area and a resort-style pool, a co-working space, great rooms and media lounge, show kitchen and dining room, post café with coffee station, playground , Animal bath and dog run. The project offers unparalleled access to nature in an idyllic New England setting along with walk-in retail stores, all within a 45-minute drive of the heart of Boston.
Charles Elliott, President of Toll Brothers Apartment Living, said, “We are excited to continue our growth in the dynamic Northeastern market. Medway joins several successful Toll Brothers Apartment Living projects in the area that reflect the strength and diversity of the local economy. “
Fred Cooper, Senior Vice President, Finance and Investor Relations, Toll Brothers, said, “We look forward to working with HQ Capital on our first transaction, which is well known in the region. We are also pleased that, given our long and successful history with the bank, PNC is providing the construction finance for Hathon. “
Kristi Nootens, Vice President of Investment Management at HQ Capital Real Estate said, “Hathon offers us the opportunity to work with a world class property developer to deliver relatively affordable luxury homes for a limited supply market with fantastic demographics and stable employment. While this is our first project with Toll Brothers Apartment Living, we look forward to building this relationship both within the Boston MSA and in other target markets across the country. “
Visit TollBrothersApartmentLiving.com for future updates and community information.
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