The multifamily property located at 2280 Lafayette Park Drive in Easton, PA has been sold for a total price of $25,000,000. The sale took place on October 29, 2021.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $25,000,000
• Units: 102
• Price Per Unit (PPU): $245

The buyer of the property is Black Bear Asset Management, while Ashley Development Corporation acted as the seller. The transaction was facilitated by brokers Emil DePasquale and George Pektor from BlackBearCapitalPartners.

It is worth noting that Ashley Development Corporation and Black Bear Asset Management have formed a strategic partnership for the acquisition and development of properties in the Lehigh Valley. As part of this partnership, Black Bear Asset Management acquired a 50% common equity interest in the new development called Sullivan Parke, with the remaining 50% owned by Ashley Development Corporation. Black Bear Asset Management also provided advisory services for the project, securing a construction loan from Churchill RE and offering sub debt up to 80% Loan-to-Cost (LTC) on an interest-only basis.