A joint venture led by Greystone Capital, Black Bear Asset Management (BBAM), and The Crest Group (TCG) will develop 1493 Van Buren Road, a $67 million multifamily community in Palmer Township, Pennsylvania.
Black Bear Capital Partners served as the advisor on the land acquisition, arranging an 18-month, $8.35 million financing to support the acquisition and fund pre-development activities. The financing was arranged by Bryan Manz and Emil DePasquale. BBAM and TCG supplied the entirety of the loan.
The project will be developed on a 16-acre site at Van Buren East and will consist of 216 apartment units across six residential buildings and one standalone clubhouse, totaling approximately 261,096 square feet. The unit mix includes 90 one-bedroom and 126 two-bedroom apartments…