Black Bear Asset Management and Greystone Capital Form Joint Venture for $110M Residential Development in Pennsylvania
Black Bear Asset Management (BBAM) and Greystone Capital have announced a joint venture for a $110 million residential development in Palmer Township, Pennsylvania.
The project will include 320 multifamily apartments and 92 for-sale townhomes, further expanding the successful partnership between the two firms in the Lehigh Valley. Under the terms of the new joint venture, BBAM will focus on capital investment, while Greystone Capital will handle development and operations.
This marks the third joint venture between BBAM and Greystone Capital, bringing their total capitalization to $148 million across all projects. Financing for the development 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.”
