FORT WASHINGTON, PA — Toll Brothers, Inc. (NYSE: TOL), through its Toll Brothers Apartment Living® rental subsidiary, and HQ Capital Real Estate have announced the formation of a new joint venture to develop Hathon, a 190-unit multifamily rental community in Medway, MA. The project is being financed through a $45 million construction loan facility from PNC Bank. The debt and equity were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development, marketing, and asset management of the project.
Hathon is located on a 12.3-acre site on Main Street in Medway. The town sits between Boston, Massachusetts and Providence, Rhode Island with convenient access to the Interstate 495 corridor and the region’s many employment centers. The MetroWest market is regarded as one of Greater Boston’s most desirable submarkets and is often noted for its quintessential New England feel and its affordability compared to downtown Boston and Cambridge.
Hathon will consist of 190 rental apartments (142 market-rate units and 48 affordable units) in four and five stories of wood-frame construction with surface parking. The apartment homes will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness center, outdoor area, and resort-style pool, co-working space, great room and media lounge, demonstration kitchen and dining room, mail café with coffee station, playground, pet spa and dog run. The project offers unparalleled access to the outdoors in an idyllic New England setting along with walkable retail, all within a 45-minute drive to the heart of Boston.
Charles Elliott, President of Toll Brothers Apartment Living, stated: “We’re excited to continue our growth in the dynamic northeast market. Medway joins multiple successful Toll Brothers Apartment Living projects in the region reflecting the strength and diversity of the local economy.”
Fred Cooper, Toll Brothers’ Senior Vice President, Finance and Investor Relations, stated: “We look forward to working on our first transaction with HQ Capital, whose reputation in the region is well-established. We are also pleased that PNC is providing the construction financing for Hathon, given our long and successful history with the bank.”
Kristi Nootens, Vice President of Investment Management at HQ Capital Real Estate, stated: “Hathon presents the opportunity for us to partner with a best-in-class developer to deliver relatively affordable luxury apartments to a supply-constrained market with fantastic demographics and stable employment. While this is our first project with Toll Brothers Apartment Living, we look forward to building on this relationship both within the Boston MSA and in other target markets across the country.”
Visit TollBrothersApartmentLiving.com for future updates and information regarding the community.
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