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The planned Neuweiler Lofts in Allentown. PHOTO/CBRE
Neuweiler Lofts receives $63M in construction financing
Stacy Wescoe//January 8, 2024//
Listen to this articleA major Allentown redevelopment project has gotten a leg up.
CBRE‘s Multifamily Debt & Structured Finance team reports that it has arranged $63 million in construction financing for the transformation of a former brewery into a 283-unit Class A multifamily development in the city.
The CBRE team said it arranged the financing on behalf of the sponsor, Urban Residential Properties, in partnership with The Manhattan Building Company.
The three-year construction loan, provided by White Oak Real Estate Capital LLC, will fund the development of Neuweiler Lofts, a 283-unit multifamily development with approximately 40,000 square feet of retail space located at 401 North Front St.
Neuweiler Lofts is being constructed at the old Neuweiler Brewery.
A well-known Allentown landmark, the Brewery building had fallen into disrepair after being vacant for more than 50 years.
Neuweiler Lofts plans do include a Brewpub along with restaurant and event space at the site, bringing the Neuweiler Brewery back to life.
The redevelopment project is located within Allentown’s Neighborhood Improvement Zone (“NIZ”), a 128-acre special taxing district that has brought large-scale redevelopment to downtown Allentown and the Riverfront District.
“Closing this construction loan in the current environment was all about persistence, so I’m extremely proud of the collaboration with White Oak and my client to get this over the finish line,” said Matthew Klauer of CBRE.
One of the driving forces behind the project has been Urban Residential Properties partner John Palumbo.
“Allentown is in a period of massive transformation and has all of the bones of a great mid-sized city,” Palumbo said. “I believe Allentown will soon be widely known as one of the best mid-sized cities in the country. We are proud to be an integral part of its growth. I thank CBRE and White Oak for their commitment to us and their resolve to see this challenging financing to its closing,” said Palumbo.
