S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Sale to private buyer marks record pricing per residential unit for the Lehigh Valley area Ashley Development Corp./Black Bear Asset Mgmt. JV completes $36 Million apartment complex sale and local expertise.”
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age, and elevator access to each floor. Each open concept unit is equipped with high-quality ap- pliances and finishes, a private balcony or patio, washer and dryer, and walk-in closets. The new development also offers 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) min- utes from downtown Easton, providing residents access to some of Lehigh Valley’s most popular attractions. “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 ac- complishes both aspects and we believe this is an extraor- dinary opportunity based on Ashley Development’s strong pipeline of projects, assets,
agement and advisory firm, announced that it has complet- ed the sale of the four-building Sullivan Parke apartment complex in the Lehigh Val- ley, PA to a private buyer for $35.55 million. BBAM had previously ac - quired a 50 percent common equity interest in Sullivan Parke with the balance owned by Ashley Development Corp. In addition, Black Bear Capital Partners (BBCP) , a real estate financial advi - sory firm and subsidiary of BBAM, acted in an advisory capacity for the sale as well as- sisting in the debt placement across all four buildings for the buyer, with an aggregate loan amount of $19.26 million. BBCP senior managing part- ner Emil DePasquale and managing partner & head of Northeast Region Brandon Harris of BBCP arranged the financing packages for the sale JERSEY CITY, NJ — Executives from the West Side Square Development Fund were joined by Jersey City Mayor Steven Fulop and Jersey City officials to cel - ebrate the groundbreaking for West Side Square, a 477-unit mixed-use community located at 66 Broadway in Jersey City. The community is scheduled to be completed in the summer of 2026. Located less than a mile from the Journal Square PATH sta - tion, West Side Square will be a key piece in the continued transformation of Jersey City’s Journal Square area. The com - munity will join the diverse mix of new housing, offices, retail, and public open spaces found across the neighborhood. “Jersey City’s ideal location paired with an unparalleled range of entertainment and din- ing options continues to make it one of the most in-demand residential destinations in New Jersey,” said Zev Mandel- baum president & CEO at Altree Developments , one of
and debt, respectively. “We are pleased to complete the sale of Sullivan Parke,” said BBAM’s senior managing director Bryan Manz . “The sale of Sullivan Parke is a record pricing per unit for the Lehigh Valley area, proving how strong this rapidly grow- ing area has been.” Located at 2250, 2265, 2280, & 2295 Lafayette Park Drive in Forks Township, PA, Sul- livan Parke is a luxury mul- tifamily complex consisting of four apartment buildings containing 102 units. The property spans approximately 119,000 s/f over 6.97 acres. Sullivan Parke’s best-in- market class A garden-style apartments provide residents premier apartment living. Sullivan Parke features an array of amenities in each building including a fitness center, 3rd-floor lounge with balcony, ample parking, stor-
ORKS TOWNSHIP , PA — The joint venture of Ashley Develop-
The Ashley Development/ BBAM JV continues to thrive. In 2022, the JV closed on a $13 million capitalization for Polk on Third, an office-to-mixed- use conversion in Bethlehem, PA with 52 residential units and more than 15,000 s/f of ground-floor commercial space. BBCP helped place long-term, fixed-rate debt at $10.35 million for the part - nership. Adjacent to Polk on Third is the partnership’s next JV venture. 404 Mechanic St. is a new mixed-use development expected to break ground in Q2 2024. With a projected total capitalization of $20 million, 404 Mechanic Street will consist of 80 residential units and two (2) stories of commercial space, spanning approximately 7,695 sf. The project is slated to deliver in Q3 2025. MAREJ washer/dryers. Residents will also enjoy a full suite of life- style amenities including an outdoor deck with a swim- ming pool, grilling stations, seating/lounging areas and a dog run. The accompanying indoor amenities will include a state-of-the-art fitness cen - ter, co-working spaces and a community room for private events. Beyond its resident amenities, the community will also feature 9,814 square feet of ground-level retail space. The development of West Side Square will be overseen by the West Side Square De- velopment Fund , a focused investment fund headquar- tered in Toronto, ON. Led by LanTree Developments, Altree Developments Inc., Lanterra Developments Inc., and Westdale Proper- ties, the West Side Square Development Fund will harness each company’s de- cades of expertise in acquiring, developing and operating real estate assets across Canada and the U.S. MAREJ
ment Cor- poration , a leading real estate de- velopment firm with a diverse port- folio of resi- dential and commercial properties,
Emil DePasquale
and Black Bear Asset Man- agement LLC (BBAM) , a real estate investment man-
DECEMBER 2023
HI-LIGHTS
SPOTLIGHT
West Side Square Development Fund and Jersey City Mayor Fulop celebrate groundbreaking for West Side Square
Northern New Jersey
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REDCOM begins construction at Garden State Honda
5B
Paster joins Bussel Realty Corp. as VP
West Side Square
the four companies leading the West Side Square Development Fund. “Once completed, West Side Square will seamlessly encapsulate the essence of Jersey City—a unique blend of living, working, and leisure— offering our future residents an unparalleled experience at their doorstep.” West Side Square has been meticulously designed by Marchetto Higgins Stieve ,
one of New Jersey’s premier mixed-use architects, to com- bine spacious living paired with an unmatched amenities package. Each of West Side Square’s stylish studio, one, two and three-bedroom apart- ments will include modern designs from Childs Dreyfus Group , an award-winning in- terior design firm, with stain - less steel appliances, modern kitchens/baths, and in-unit
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