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The Crest Group is partnering with Greystone Capital and Black Bear Asset Management (BBAM) on two multifamily projects in Pennsylvania’s Lehigh Valley.
Port Jefferson Station-based Crest Group’s joint venture will be developing six residential buildings and a clubhouse totaling 261,096 square feet on a 16-acre site at 1493 Van Buren Road in Palmer Township, about five miles north of Easton, Pa. The $67 million project, called Van Buren East, will bring 216 apartments, with a mix of 90 one-bedroom and 126 two-bedroom units.

The apartments will feature private balconies, in-unit washers and dryers, quartz countertops, stainless-steel appliances, and designer finishes, according to a joint statement. Amenities will include a fitness center, resident lounge, pickleball court, EV charging stations, outdoor grilling areas, and 467 parking spaces with elevator access to all floors.
The joint venture partners are also planning to build a second multifamily project on a 32-acre site across the street. Called Van Buren West, the $107 million development would bring 320 apartments in 13 buildings.
“We’re excited to partner with Greystone and Black Bear on this exceptional project,” Daniel Scarda, Crest Group’s head of corporate finance, said in the statement. “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. 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.”
Bryan Manz, senior managing director at BBAM, said he sees the Lehigh Valley as a core investment market.
“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,” Manz said in the statement.
The Crest Group has worked with BBAM before. Real estate financial advisory firm Black Bear Capital Partners (BBCP), a subsidiary of Manhattan-based Black Bear Asset Management, arranged the $42.5 million refinancing for Crest Group’s 13-property office portfolio totaling about 400,000 square feet. In addition, BBCP supplied a $24 million construction loan last spring for Crest Group’s Villas at Oak Run, its 55-and-over development in Middle Island. That project will bring 74 two-bedroom townhomes to a 23.5-acre site at the northeast corner of Birchwood Park Drive and Middle Country Road.
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David Winzelberg
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