Developers plan $65M housing community in Palmer

A $67 million multi-family community is being planned for Palmer Township. 

A joint venture led by Greystone Capital, Black Bear Asset Management and The Crest Group has been formed to develop 1493 Van Buren Road. 

According to a press release, this latest partnership marks the fourth such venture between Greystone Capital and BBAM, bringing their total capitalization to $215 million. It is the second partnership involving TCG. 

 “We remain highly constructive on the Lehigh Valley as a core investment market,” said Bryan Manz, senior managing director at BBAM. “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.” 

 “We’re thrilled to expand our presence in the Lehigh Valley with this significant project,” said Lou Pektor, president of Greystone Capital. “Partnering with both Black Bear Asset Management and The Crest Group allows us to leverage complementary strengths and deliver a best-in-class residential community to the region.” 

 The fully approved 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. 

Located five miles north of Easton, Van Buren East will offer open-concept floor plans, private balconies, in-unit washers and dryers, quartz countertops, stainless-steel appliances and designer finishes throughout.  

Community 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. 

 Under the joint venture structure, BBAM will focus on capital investment, Greystone Capital will lead development and operations, and TCG will contribute real estate management, development expertise, and capital. 

Black Bear Capital Partners, a subsidiary of BBAM, served as advisor on the land acquisition, arranging an 18‑month, $8.35 million financing to support the acquisition at Van Buren East and fund predevelopment activities.  

The financing was arranged by Bryan Manz and Emil DePasquale of BBCP. BBAM and TCG supplied the entirety of the loan. 

The new partnership builds upon a series of successful prior collaborations in the region, including the completed Sullivan Parke, a 102-unit multifamily community in Forks Township, as well as a $107 million 320-unit mixed-use development at 1492 Van Buren Road in Palmer Township, which is currently under development.