By Joshua Burd
A team of New Jersey developers has secured more than $44 million in financing for a project to build 273 new garden apartments in Pennsylvania’s Lehigh Valley.
The partners, Kushner Real Estate Group and the Silverman Group, are eyeing a 2022 completion for the project at 1400 Nursery St. in Upper Macungie. Construction has been underway since last summer, the developers said Wednesday, while announcing the $44.4 million loan from Valley National Bank.
“We are excited to once again partner with the Silverman Group which shares our commitment to quality and resident satisfaction,” said Jonathan Kushner, president of KRE Group. “Upper Macungie is one of the fastest-growing municipalities in Lehigh County, drawing residents with a distinctly suburban environment, great access to regional employment centers and a location less than 20 minutes to Allentown, the heartbeat of shopping, dining and entertainment in Lehigh Valley. We look forward to adding a new modern residential option to the mix.”
Dubbed Lehigh Hills, the project is slated to have one- and two-bedroom homes spread across seven midrise buildings, according to a news release. The developers are also planning amenities such as a fitness center with a yoga room, a gaming room, a conference room and an outdoor pool with a waterfall, a landscaped outdoor terrace and other offerings.
The property is minutes from interstates 78 and 2.
“We are thrilled to continue to partner with KRE on another great project in the Lehigh Valley,” said Blake Silverman, president of the Silverman Group.
The developers have partnered on three previous projects in Pennsylvania.