A joint venture between Greystone Capital and Black Bear Asset Management (BBAM) is in the market for a $75 million construction loan. The loan will be used to retire the existing debt and fund the development of a large-scale multifamily project in Pennsylvania’s Lehigh Valley.
Black Bear Capital Partners (BBCP), a subsidiary of BBAM, is serving as debt advisor and is in the market to procure the $75 million loan. Greystone will lead development and operations, while BBAM is providing equity capital.
The joint venture recently acquired the 31-acre site at 1492 Van Buren Road, where it plans to develop 320 multifamily units across seven garden-style buildings and 92 for-sale townhomes. The fully approved project is expected to break ground in early 2026.
BBCP served as the advisor for the land acquisition, arranging an 18-month, $6 million senior loan with Stormfield Capital. BBAM and Carlton Associates, Inc. provided $5 million in preferred equity and a $7.57 million credit facility. The combined financing represents 90% loan-to-cost and will be used to acquire the land and fund a working capital facility to advance site preparation for development.
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