Ashley Development Corporation Secures $19.75M Construction Loan For 102-Unit Multifamily Building In Forks Township

A 102-unit multifamily building located at 2280 Lafayette Park Drive in Forks Township, PA, has been financed through a construction loan. The loan amount of $19,750,000 will be used to fund the construction of the property. The loan terms include a 2-year floating rate with full-term interest-only payments. The loan is non-recourse, meaning the lender cannot seek repayment beyond the collateralized asset.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $19,750,000
• Address: 2280 Lafayette Park Drive
• Market: Forks Township, PA
• Units: 102
• Lender: Churchill RE - Sean Robertson & Philip Bowman
• Landlord: Ashley Development Corporation
• Brokers: Bryan Manz, Emil DePasquale & George Pektor from Black Bear Capital Partners

The construction loan for this multifamily building was secured through Churchill RE, with Sean Robertson and Philip Bowman representing the lender. The landlord of the property is Ashley Development Corporation. Bryan Manz, Emil DePasquale, and George Pektor, from Black Bear Capital Partners, served as brokers for the deal.