JLL announced today that it has arranged $23 million in financing for the development of DREAM Lehigh Valley, a to-be-built, 200-unit apartment complex in the Lehigh Valley community of Wind Gap, Pennsylvania.
JLL worked on behalf of the developer, DLP Capital Partners, under its parent company DLP Real Estate Capital, to arrange a floating-rate construction loan through a regional bank. This is the company’s first ground-up construction multihousing community. A “Topping Off” ceremony will take place in early spring 2020.
DREAM Lehigh Valley will include nine garden-style residential buildings and a two-story clubhouse with lounge, game room, fitness center and pool, as well as a nature trail and pond. Due for completion in 2021, the property will include one-, two- and three-bedroom units averaging 1,210 square feet. Units will include fully equipped kitchens, ceramic and marble tile flooring, smart home features, and in-unit washers and dryers, with select homes also featuring balconies/patios and private garages. The property is being constructed along East West Street within one mile of PA Route 33, a roadway that directly connects with Interstates 80, 78 and PA Route 22, which will provide residents with access to major area employment centers in Allentown, Bethlehem and Easton.
The JLL Capital Markets team representing the borrower was led by Director Michael Pagniucci and Managing Director Jason Bond.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.