A 102-unit apartment community in Hatboro called The Station at Hatboro has landed $20 million in permanent financing, writes ROI-NJ.
This is the latest sign of the borough’s growing apartment boom along its York Road corridor.
$20 Million Deal Closes for Newest Hatboro Project
G.S. Wilcox & Co., a Morristown-based commercial real estate investment banking firm, announced June 11 that it had completed the financing for the project.
The deal was arranged by company founder and president Gretchen S. Wilcox and partner Bridget Wilcox through the firm’s correspondent life insurance company.
It includes a six-month forward commitment that locked in favorable terms while the building was still under construction.
Bridget Wilcox said the firm was pleased to complete the deal for a long-term repeat client.
Former Canalley Property Reborn as 102-Unit Community
The Station at Hatboro sits at 37 North York Road, on a site long known as the Canalley Property.
The land previously housed an automotive shop and a diner before those tenants moved out as the developer, J.G. Petrucci Company Inc., pursued approvals.
The borough’s planning commission and council ultimately approved the project under Hatboro’s Town Center Ordinance, a zoning framework designed to encourage mixed-use residential and retail development downtown.
The finished building includes studio, one-bedroom, and two-bedroom units along with a fitness center, bark park, private tasting room, and 4,732 square feet of ground-floor retail space.
It also sits within walking distance of SEPTA Regional Rail at Hatboro Station, putting Center City Philadelphia within easy reach for commuters.
Leasing Underway, Early Demand Strong
The property began welcoming its first tenants this spring, and leasing has moved quickly. Marketing and operations manager Mikki Raymond said the location’s convenience, with shops nearby and an easy train commute into the city, has been a major draw for new residents.
Part of a Broader Investment Wave
The Station at Hatboro is one of two recent apartment projects reshaping the York Road corridor. Raymond pointed to the nearby 36-unit Milliner Lofts as part of the same wave of investment. The Lofts bring new customers to the borough’s longtime small businesses.
About Hatboro
Hatboro, founded in the early 18th century, sits about 15 miles north of Philadelphia and has a population of roughly 8,341.
The borough is near major routes, including Route 611 and the Pennsylvania Turnpike, keeping it well connected to Philadelphia and the wider region.
To learn more about G.S. Wilcox & Co. and its plans for Hatboro in ROI-NJ.
