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**Greystone Capital, BBAM, and The Crest Group Launch $67M Multifamily Development in Lehigh Valley**
A joint venture between Greystone Capital, Black Bear Asset Management (BBAM), and The Crest Group (TCG) is moving forward with the development of a new multifamily community in Palmer Township, Pennsylvania. The $67 million project, to be located at 1493 Van Buren Road, will span a 16-acre site known as Van Buren East.
The development will feature 216 apartment units across six residential buildings, along with a standalone clubhouse, covering a total of approximately 261,096 square feet. The unit mix will include 90 one-bedroom and 126 two-bedroom apartments, offering a range of housing options for residents in the Lehigh Valley area.
To facilitate the land acquisition and pre-development phases, Black Bear Capital Partners secured an 18-month, $8.35 million loan. This financing effort was led by Bryan Manz and Emil DePasquale, with BBAM and TCG providing the full funding for the loan.
Under the joint venture, BBAM will focus on capital investment, Greystone Capital will head development and operations, and TCG will contribute capital as well as real estate management and development expertise. This marks the fourth collaboration between Greystone Capital and BBAM, and the second to include The Crest Group.
The project aims to meet the growing demand for high-quality rental housing in the Lehigh Valley region, further strengthening the strategic partnership between the three firms.
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