Hathaway Completes Financing for Charlotte Apartment Project

Atlanta, GA, January 08, 2009 --(PR.com)-- An affiliate of Hathaway Properties, Inc, Ansley at Tyvola Road, LLC., has successfully completed the financing of a $26,500,000 apartment project in Charlotte, NC. The construction loan, in the amount of $20,350,000, was provided by Compass Bank and closed on December 9, 2008. A group of private investors provided the remaining equity for the project. The general contractor will be Hathaway Construction, Inc. of Atlanta, GA, an affiliate of Hathaway Properties, Inc.

The project, to be named Ansley Falls at Tyvola Road, will consist of 274 luxury apartment units located on 19 acres of land in Mecklenburg County. It will feature one, two and three bedroom units, two luxury pools, a clubhouse, fitness center, cardio theatre, media room, java lounge, gated access and more. Groundbreaking is estimated to begin in March 2009 with an anticipated completion in May 2010. Leasing is scheduled to begin in January 2010.

Hathaway believes the location of the project, which is just 10 minutes from Charlotte’s CBD, 1 mile from the Charlotte Tyvola LYNX Rail Station, and 10 minutes from Charlotte Douglas International Airport, is the best feature of the project. The property has substantial visibility, located at the intersection of Tyvola Road and Nations Ford Road, which is a major thoroughfare in Charlotte. In addition, “The land was purchased at the right price and the recent fall in construction costs should allow us to deliver the project at a substantially reduced basis compared to recent projects in the Charlotte area,” according to Russ Oldham, VP of Finance at Hathaway. “Without the affiliation with our construction company and its ability to provide competitive pricing, I am not sure this project gets done.” Hathaway Construction, Inc. also provides construction services to other owners throughout the region, and currently has over 3,300 units under construction, most of which are for 3rd party clients.

About Hathaway Properties, Inc.
Hathaway Properties, Inc. is an Atlanta based development firm focused on multi-family development and acquisition throughout the Southeastern United States. Over the past 15 years Hathaway has developed and built over 10,000 units in 7 states. By focusing on a variety of markets, Hathaway has positioned itself to appeal to a wider range of investors and at the same time worked through inevitable, challenging market changes. Hathaway’s primary objective is to provide the highest yield to its investors, while focusing on the desires and expectations of its residents in each community.

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