FORT WASHINGTON, Pa., July 28, 2021 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, 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.”
Please visit TollBrothersApartmentLiving.com for future updates and information regarding the community.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., a FORTUNE 500 Company, is the nation's leading builder of luxury homes. The Company was founded over 50 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.
2021 marks the 10th year Toll Brothers has been named to FORTUNE magazine’s World’s Most Admired Companies® list. Toll Brothers has also been honored as Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year by Professional Builder magazine. For more information visit TollBrothers.com.
ABOUT TOLL BROTHERS APARTMENT LIVING®
Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL). Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale rental communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment Living was ranked 11th largest apartment developer in the U.S. in 2020 by the National Multi-Family Housing Council. The firm has developed more than 7,900 units, has more 5,300 units under management and controls a national pipeline of more than 14,800 units. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of the nation’s leading builder of luxury homes. For more information visit TollBrothersApartmentLiving.com.
ABOUT HQ CAPITAL REAL ESTATE
Founded in 1989, HQ Capital Real Estate is a dedicated U.S. real estate investment advisor specializing in multifamily investments. Since its inception, the firm has invested in approximately $15 billion of U.S. real estate through sponsored funds and separate accounts on behalf of global institutions, family offices and ultra-high net worth individuals. These investments total more than 70,000 apartment units and 21 million square feet of commercial space. Through its consistent participation in the market over the past three decades, HQ Capital Real Estate has developed deep relationships with a variety of leading real estate owners, operators, developers, brokers and lenders. HQ Capital Real Estate’s primary investment strategy focuses on opportunistic and value-add rental apartment investments with best-in-class joint venture partners in Growth markets throughout the U.S. For more information, visit www.hqcapital.com/en/real-estate.
Toll Brothers’ Forward-Looking Statements
This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: the impact of Covid-19 on the U.S. economy and our business; expectations regarding interest rates and inflation; the markets in which we operate or may operate; our strategic objectives and priorities; our land acquisition, land development and capital allocation priorities; housing market conditions; demand for our homes; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.
Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:
- the effects of the ongoing Covid-19 pandemic, which remain highly uncertain, cannot be predicted and will depend upon future developments, including the duration of the pandemic, the impact of mitigation strategies taken by applicable government authorities, the continued availability and effectiveness of vaccines, adequate testing and therapeutic treatments and the prevalence of widespread immunity to Covid-19;
- the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar;
- market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;
- the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land;
- access to adequate capital on acceptable terms;
- geographic concentration of our operations;
- levels of competition;
- the price and availability of lumber, other raw materials, home components and labor;
- the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries;
- the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters;
- the risk of loss from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19;
- federal and state tax policies;
- transportation costs;
- the effect of land use, environment and other governmental laws and regulations;
- legal proceedings or disputes and the adequacy of reserves;
- risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects;
- the effect of potential loss of key management personnel;
- changes in accounting principles;
- risks related to unauthorized access to our computer systems, theft of our and our homebuyers’ confidential information or other forms of cyber-attack; and
- other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended October 31, 2020 and in subsequent filings we make with the Securities and Exchange Commission (“SEC”).
Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.
Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.
Contact: Frederick N. Cooper (215) 938-8312
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/68cbbcfe-10ef-4cd5-9a02-259ad3c781b1
Hathon, Medway, MA Toll Brothers, America's Luxury Home Builder