PALMER TWP., Pa. — A new $67 million multifamily community is headed to Palmer Township.
Greystone Capital, Black Bear Asset Management and The Crest Group have formed a joint venture to develop 1493 Van Buren Road, also known as Van Buren East, into a multimillion-dollar Class A multifamily community.
The fully approved project will be developed on a 16-acre lot, a news release said.
The site is “strategically located five miles north of Easton,” and Van Buren East will offer a comprehensive amenity package designed to support “premium mental positioning.”Developers' release
It will include 216 apartment units — 90 one-bedroom and 126 two-bedroom — across six residential buildings and a standalone clubhouse, totaling 261,096 square feet.
The developers said the site is “strategically located five miles north of Easton,” and Van Buren East will offer a comprehensive amenity package.
Features include open-concept floor plans, private balconies, in-unit washers and dryers, quartz countertops, stainless-steel appliances and designer finishes throughout, according to the release.
Community amenities will include a fitness center, resident lounge, pickleball court, electric vehicle charging stations and outdoor grilling areas.
There also will be 467 parking spaces with elevator access to all floors.
'Welcoming sense of place'
The venture is the fourth partnership between Greystone Capital and BBAM, bringing their total capitalization across all join ventures to $215 million, the release said.
It's the second partnership involving TCG.
Under the joint venture structure, BBAM will focus on capital investment, Greystone Capital will lead development and operations, and TCG will contribute real estate management, development expertise and capital, the release said.
“With strong demand and limited new supply in the Lehigh Valley, we’re focused on delivering a community that truly feels like home. Pairing high-quality amenities with thoughtful landscaping that creates a welcoming sense of place."Greystone Capital Senior Vice President Gabe Solms
“We remain highly constructive on the Lehigh Valley as a core investment market,” BBAM Senior Marketing Director said.
“Van Buren East represents another step in our long-term strategy of investing alongside trusted partners to expand the supply of best-in-class rental housing in the region.”
Greystone Capital President Lou Pektor said his company was thrilled to expand its presence in the Lehigh Valley with Van Buren East.
“Partnering with both Black Bear Asset Management and The Crest Group allows us to leverage complementary strengths and deliver a best-in-class residential community to the region,” Pektor said.
Greystone Capital Senior Vice President Gabe Solms cited the amenities of Van Buren East, along with supply and demand issues in the area, as driving factors for the development.
“With strong demand and limited new supply in the Lehigh Valley, we’re focused on delivering a community that truly feels like home," Solms said.
"Pairing high-quality amenities with thoughtful landscaping that creates a welcoming sense of place."
'Continue to pursue investments'
Black Bear Capital Partners, a subsidiary of BBAM, served as advisor on the land acquisition, arranging an 18‑month, $8.35 million financing to support the acquisition at Van Buren East and fund predevelopment activities, the release said.
The financing was arranged by Bryan Manz and Emil DePasquale of BBCP. BBAM and TCG supplied the entirety of the loan.
The "Lehigh Valley represents an exemplary high-growth, supply-constrained market for which our disciplined underwriting approach and hands-on asset management can create lasting value.”Crest Group Director Daniel Scarda
The Crest Group, headquartered in Port Jefferson Station, New York, brings real estate development and management experience across a multifamily and commercial real estate portfolio spanning the Northeast Mid-west, and Mid-Atlantic regions, the release said.
The Crest Group Director Daniel Scarda said his company was excited to work with Greystone and Black Bear on the “exceptional project.”
The "Lehigh Valley represents an exemplary high-growth, supply-constrained market for which our disciplined underwriting approach and hands-on asset management can create lasting value,” Scarda said.
“The collaborative efforts of the BBCP team played an instrumental role in bringing this opportunity to life, and we’re committed to delivering a best-in-class residential community that serves this market’s strong demographic fundamentals.
"This project exemplifies our strategy of developing valuable assets in emerging growth markets where we see compelling long-term tailwinds.”
The latest partnership builds on prior collaborations in the region, including the completed Sullivan Parke, a 102-unit multifamily community in Forks Township.
Also, a $107 million 320-unit mixed-use development at 1492 Van Buren Road in Palmer, also known as Van Buren West, which is under development, and the first involving TCG.
The three firms said they continue to pursue additional multifamily residency and commercial investments throughout the Lehigh Valley.
