Jeffrey L. Heller, Avison Young, Principal and Managing Director of the company’s New Jersey office, announced that its Capital Markets Debt & Equity Group recently arranged a $34 million construction loan to build a luxury mixed-use development located in the Lehigh Valley, PA.
The project will feature luxury rental residences complete with a large clubhouse, outdoor swimming pool and commercial space, which will include a shopping center and two retail pads.
The loan will finance the first phase of construction. The Avison Young New Jersey Capital Markets Group comprised of George Gnad, Principal, Jonathan Kristofich, Vice President, and Michael Winters, Senior Associate brokered the balance sheet loan for the sponsor.
“Our Capital Markets team was able to help our client secure a superior loan with an experienced lender, in a tightening lending environment,” said George Gnad, Avison Young.
“Given our deep experience structuring complex loans, coupled with our first-rate lender relationships, we were able to obtain unique financing with favorable terms for our client.”
The loan will be funded in three phases with initial funding to finance site improvements, following the construction of phase one of the multifamily component. The clubhouse will feature a billiards room, multimedia center, fitness center and golf simulator. Site work is already underway and the project is scheduled to go vertical in the second half of 2017.