By Joshua Burd
Brokers in Avison Young’s New Jersey office have arranged more than $34 million in financing for a mixed-use development in Pennsylvania’s Lehigh Valley, the firm announced.
Avison Young’s New Jersey Capital Markets Group brokered the construction loan for the project, which calls for luxury rental units and amenities such as a large clubhouse and outdoor swimming pool. Plans for the site, the address of which was not disclosed, also includes a commercial component made up of a shopping center and two retail pads.
The loan will finance the first phase of construction, said Jeffrey Heller, an Avison Young principal and managing director in its New Jersey office. The Avison Young New Jersey Capital Markets Group of George Gnad, principal; Jonathan Kristofich, vice president; and Michael Winters, senior associate, brokered the balance sheet loan for the sponsor.
“Our Capital Markets team was able to help our client secure a superior loan with an experienced lender, in a tightening lending environment,” Gnad said. “Given our deep experience structuring complex loans, coupled with our first-rate lender relationships, we were able to obtain unique financing with favorable terms for our client.”
The loan will be funded in three phases, with initial funding to finance site improvements, following the construction of phase one of the multifamily component, Avison Young said in a news release. The clubhouse will feature a billiards room, multimedia center, fitness center and golf simulator.