$100M housing project planned for Palmer Township

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Lehigh Valley developer Lou Pektor has formed a joint venture with a New York asset management firm to create a $100 million residential development in Palmer Township. 

The project will consist of 320 multifamily apartments and 92 for-sale townhomes. 

The joint venture is being conducted by 

Black Bear Asset Management and Pektor’s Greystone Capital.  

According to a press release, the joint venture will involve BBAM focusing on investing on the capital side, while Greystone Capital will act as the property developer and operator.  

This is the third joint venture the companies have entered into, bringing them to a total capitalization of $148M across the investments.  

This latest project is currently in pre-development, with all approvals secured. 

Construction expected to begin in the first quarter of 2026. 

 “We’re excited to launch our largest development yet in partnership with BBAM, building on a proven track record of successful execution,” said Lou Pektor, president of Greystone Capital. “Black Bear Asset Management has been an exceptional partner, and together we’ve rapidly assembled a best-in-class portfolio throughout the Lehigh Valley.” 

The companies recently acquired the development site at 1492 Van Buren Road in Palmer Township.  

The multifamily community will feature seven class A garden-style apartment buildings totaling 320 units and 92 for-sale townhomes.  

The community will feature a fully equipped fitness center, clubhouse, green spaces, parking, storage options, and elevator access on every floor.   

Black Bear Capital Partners (BBCP), a subsidiary of BBAM, served as the advisor for the land acquisition, arranging an 18-month, $6 million senior loan with Stormfield Capital featuring full-term interest-only payments. In addition, BBAM, together with Carlton Associates, Inc., provided $5 million in preferred equity and a $7.57 million credit facility. 

  The financing was arranged by Bryan Manz and Emil DePasquale of BBCP. 

 “We’re excited to continue building on our successful partnership with Greystone Capital,” said Bryan Manz, senior managing director at BBAM. “Their deep market knowledge and track record of execution make them an ideal partner as we expand our footprint in the Lehigh Valley.” 

 Under a separate joint venture agreement, in 2023 the companies completed Sullivan Parke, a 102-unit multifamily community located at 2250 Lafayette Park Drive in Forks Township.  

“Sullivan Parke stands as a compelling proof of concept for the viability and strong market demand of our multifamily strategy with Greystone Capital,” Manz said. “Its successful delivery and record-breaking sale reinforce the potential for continued success as we advance our next development in the region, where we plan to replicate the proven business plan.” 

The Greystone Capital and BBAM partnership continues to actively pursue new opportunities throughout the Lehigh Valley, the firms said.