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Washington DC & Mid-Atlantic  + Pennsylvania  + Apartments  |  January 14, 2026
Jasmine Kilman
By: Jasmine Kilman

JV to Develop $67M Ground-Up MF Project in Lehigh Valley

A joint venture led by Greystone Capital, Black Bear Asset Management (BBAM), and The Crest Group (TCG) will develop 1493 Van Buren Road, a $67 million multifamily community in Palmer Township, Pennsylvania.

Black Bear Capital Partners served as the advisor on the land acquisition, arranging an 18-month, $8.35 million financing to support the acquisition and fund pre-development activities. The financing was arranged by Bryan Manz and Emil DePasquale. BBAM and TCG supplied the entirety of the loan.

The 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.

BBAM will focus on capital investment, Greystone Capital will lead development and operations, and TCG will contribute real estate management, development expertise, and capital. This latest partnership marks the fourth such venture between Greystone Capital and BBAM, and the second partnership involving TCG.

Read More News Stories About: Greystone
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Inside The Story

Greystone CapitalBlack Bear Asset ManagementThe Crest Group

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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