Toll Brothers to build $45M, 190-unit rental property in Medway
Photo | Courtesy of Toll Brothers
Toll Brothers is planning to build the Hathon, a 190-unit multifamily rental community in Medway.
Pennsylvania luxury homebuilder Toll Brothers and international real estate investor HQ Capital have partnered to develop Hathon, a 190-unit, $45-million rental project in Medway.
Hathon is located on a 12.3-acre plot at 39 Main St. and will consist of 142 market-rate units and 48 affordable units, according to the Wednesday announcement.
Toll Brothers purchased the property in 2019 for $1 million from Norfolk firm Notwen Realty Trust. The company were approved for a construction mortgage of $45 million with PNC Bank of Pittsburg on July 9.
Most of the land is undeveloped, with the exception of one acre, which houses a 1953 Cape-style house and is valued at $300,000 by the Town of Medway.
The luxury complex will include a fitness center, pool, and playground, per the announcement.
Toll Brothers is the 8th largest homebuilder in the country, with $6.9 billion in revenues in 2020, according to its annual report.
HQ Capital has teams based internationally including Germany, New York City, and Hong Kong and has invested $15 billion into U.S. real estate since its inception in 1989.
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I don't know who is going to live there; not looking forward to finding out. It looks like garbage and blight on the landscape.
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