Black Bear Asset Management (BBAM) and Greystone Capital have formed a new joint venture for a $110 million residential development in Palmer Township, Pennsylvania.
The project will consist of 320 multifamily apartments and 92 for-sale townhomes, expanding the partnership between the two companies in the Lehigh Valley. The new JV will involve BBAM focusing on investing on the capital side, while Greystone Capital will act as the property developer and operator. This JV marks the third JV investment completed with Greystone Capital and BBAM for a total capitalization of $148M across the investments. The financing was arranged by Bryan Manz and Emil DePasquale of BBCP.
“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.”
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