Black Bear Asset Management has acquired Sullivan Parke, a $25 million multifamily development in Easton, Pennsylvania as a part of their new joint venture partnership with Ashley Development Corporation.
Ashley Development and Black Bear have joined in a strategic partnership that will focus on the acquisition and development of properties in the Lehigh Valley. Through the partnership, BBAM will focus on investing capital while Ashley Development Corporation will act as the property developer and operator as well as providing capital on future deals.
BBAM’s acquisition of Sullivan Parke will result in a fifty percent common equity interest in the new development with the balance owned by Ashley Development Corporation.
Lou Pektor of Ashley Development Corporation is leading the creation of the new development. In addition to being the primary equity source, BBAM also acted in an advisory capacity for the project, placing the construction loan with Churchill RE as well as providing sub debt up to 80% loan-to-cost (LTC) on an interest-only basis.
Located at 2280 Lafayette Park Drive in Forks Township, PA, Sullivan Parke is a luxury multifamily complex consisting of four apartment buildings containing 102 units. The property spans approximately 119,000 s/f under roof over 6.97 acres. Sullivan Parke’s best-in-market Class A garden-style apartments will provide residents premier apartment living.
The project features an array of amenities in each building including a fitness center, 3rd-floor lounge with balcony, ample parking, storage, and elevator access to each floor. Each open concept unit is equipped with high-quality appliances and finishes, a private balcony or patio, washer and dryer, and walk-in closets.
The new development will also offer extensive privacy-style landscaping, outdoor grilling areas, outdoor bench seating, and a dog walking area. These luxury units are desirably located less than ten (10) minutes from downtown Easton, providing residents access to some of Lehigh Valley’s most popular attractions.
Emil DePasquale of Black Bear Capital Partners (BBCP) arranged the financing package.
“We are pleased to make this investment with Ashley Development Corporation,” said BBAM’s Senior Managing Director Bryan Manz. “We are delighted to be a part of the rapidly growing market of the Lehigh Valley, specifically through the creation of our relationship with Ashley Development and their portfolio of properties across multiple asset classes.”
“After analysis of the Lehigh Valley market, we looked for a scalable opportunity and a best-in-class partner within the industry.” Manz added. “Fortunately, this venture accomplishes both aspects and we believe this is an extraordinary opportunity based on Ashley Development’s strong pipeline of projects, assets, and local expertise.”