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.
About DLP Real Estate Capital
DLP Real Estate Capital is a leader in the single and multi-family real estate sectors of brokerage, investment management, asset management, property management, construction, and private lending. DLP RE Capital leads and inspires the building of wealth and prosperity through the execution of innovative real estate solutions. DLP generates consistent returns and results for its investors and partners and gives back through its foundation. The family of companies includes DLP Capital Partners, DLP Direct Lending Partners, DLP Real Estate Management, DLP Realty, Brite Homes, Alliance Loan Servicing and Alliance Property Transfer.
DLP Real Estate Capital has over $800 million in assets under management and has closed over 12,000 real estate transactions totaling more than $2 billion. DLP has been ranked in the Inc. 5000 fastest growing companies in the U.S. for seven consecutive years, has earned the top spot eight years in a row for REAL Trends American’s Best Realty Professionals List, and was recognized by The Wall Street Journal and REAL Trends as the #1 team in PA and NJ for five consecutive years for sales.
About DLP Capital Partners
DLP Capital Partners is a private investment group designed to produce consistent, high-yield returns while providing liquidity and security to its investors. DLP Capital Partners leverages the holistic resources of the DLP family of companies, provide years of countless experience, and have hundreds of successful investments in the distressed and value-add residential and multifamily real estate space. The company offers some of the most attractive investment options, not only in the real estate industry as well as in the broader alternative investment spectrum. DLP focuses on income-producing real estate-backed debt and equity investments.
JLL is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.