The Station at Hatboro has locked in a $20 million permanent mortgage arranged by G.S. Wilcox & Co., pushing the 102-unit rental community another step toward full stabilization. The three-story, transit-oriented project lines North York Road a short walk from SEPTA's Hatboro station, with ground-floor retail space that developers say is intended to pump more foot traffic into the borough's downtown.
Loan and lender details
According to Real Estate NJ, G.S. Wilcox & Co. arranged the $20 million permanent loan for the Hatboro property, with founder Gretchen Wilcox and partner Bridget Wilcox sourcing the financing. A correspondent life insurance company supplied the debt under a six-month forward commitment, with funding scheduled to occur once the project secures its temporary certificate of occupancy. "We are pleased to see the completion of this transaction on behalf of our long-term repeat client," Bridget Wilcox said in a prepared statement, noting that the deal locks in a favorable long-term rate.
Project details and amenities
The developer details a mix of studio, one-bedroom and two-bedroom apartments alongside roughly 4,732 square feet of street-level retail space. Residents get access to on-site amenities that include a fitness center, a bark park and a private tasting room, while the location is billed as a walkable, transit-friendly option for commuters heading into Philadelphia. J.G. Petrucci Company says the project was designed to fit in with and complement downtown Hatboro.
Petrucci also says the development has started welcoming residents and is open for leasing, a shift that local coverage has noted should send more customers to nearby restaurants and shops. "We're proud to see residents moving in," Elisha Wolstenholme, executive vice president of multifamily housing at Petrucci Residential, said in the company's announcement. Patch reported that the property is now leasing to the public.
Who arranged the deal
G.S. Wilcox & Co., a Morristown-based mortgage banking firm, served as the arranger on the transaction. The firm's website highlights a long list of recent multifamily and commercial financings across New Jersey and Pennsylvania, reflecting its active presence in the mid-Atlantic capital markets. G.S. Wilcox & Co. handled origination and placement of the loan for the borrower.
What’s next
With permanent financing lined up to fund upon receipt of the TCO, the developer can turn more attention to leasing out the retail bays and stabilizing the apartment community. Commercial listings for the address show about 5,000 square feet of ground-floor space being marketed, creating an opening for local retailers and service providers to tap into commuter and downtown traffic. LoopNet lists the available retail offering at The Station at Hatboro.
