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Tag: crest group

  • Crest Group partners on $174M Lehigh Valley projects | Long Island Business News

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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 two developments will deliver a total of 536 apartments. / Courtesy of Crest Group

    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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  • Crest Group expanding its East Setauket rental community | Long Island Business News

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    THE BLUEPRINT:

    • begins phase two of the project.

    • Eight new 55+ homes planned on 1.2 acres at 107 Comsewogue Road.

    • $4M expansion follows the $35M first phase completed in 2022.

     

    Crest Group is expanding its townhouse development with a new phase of the project. 

    officials and civic leaders joined the developer at a groundbreaking ceremony last week for phase two of the Villas at Setauket, which will add eight more residences on a 1.2-acre site at 107 Comsewogue Road next to the existing 55-and-over development. 

    The $4 million second phase will add four townhomes and four garden-style apartment homes for renters age 55 and over that are expected to be completed next fall. 

    The $35 million first phase of the Villas at Setauket development created 92 rental townhomes on 17 acres at 109 Comsewogue Road. That part of the project was completed in 2022. Amenities at Villas at Setauket include a clubhouse, dog parks, community gardens, a pool, grilling stations and pickleball courts. Monthly rents start at about $4,100 for two-bedroom, 2.5-bathroom units. 

    “The Crest Group is proud to deliver this addition to our Villas at Setauket community after several years of planning and coordinating with the Town of Brookhaven and local civics,” said Daniel Scarda, director of corporate finance for Crest Group. “The Crest Group family has been building housing communities in this part of East Setauket since 2003, and this second phase of the Villas at Setauket rental townhome community is an excellent addition for the surrounding area. We thank all of the parties involved including the Setauket Meadows community members that gave us their input, as well as the Town of Brookhaven staff who helped us navigate the approval process.” 

    The development team includes Anthony Cucuzzo of D&B Architects and Engineers, attorney Tim Shea of Certilman Balin Adler & Hyman and Maxwell Scandale of Cashin Associates.   

    Earlier this year, Crest Group began construction of a $35 million in Middle Island. Called The Villas at Oak Run, the project will bring 74 two-bedroom townhomes on a 23.5-acre site at the northeast corner of Birchwood Park Drive and Middle Country Road for renters aged 55 and older.   

    Each of the apartments will have a one-car garage. Amenities at the Middle Island development will include an indoor fitness center, half-mile walking path and an outdoor recreational area with pickleball courts. 


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    David Winzelberg

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