Berkadia Completes the Sale and Secures Financing for Newly Constructed Multifamily Community in Pennsylvania

August 13, 2019

Berkadia Completes the Sale and Secures Financing for Newly Constructed Multifamily Community in Pennsylvania

August 13, 2019
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PHILADELPHIA – August 7, 2019 – Berkadia today announced the sale and financing of Birchwood Commons, a 96-unit newly constructed mid-rise multifamily property in Bethlehem, Pennsylvania. Senior Managing Directors Matt Stefanski and Zac Pierce and Associate Directors Alan Krawitz and Christopher Farmer of Berkadia’s Philadelphia office marketed the property sale on behalf of the seller, Pennsylvania-based Ashley Development Corporation. Berkadia procured the buyer, Halfpenny Management Company, also based in Pennsylvania.

Senior Director Stephen Comly of Berkadia’s Philadelphia office also secured acquisition financing on behalf of Halfpenny Management from Investors Bank.

“With its third purchase in the Lehigh Valley, Halfpenny Management has made another sizable investment in one of the fastest-growing metros in the region,” said Stefanski. “Birchwood Commons represents an ultra-luxury product in a location defined by connectivity and growth.”

“Various lending sources were interested in providing this acquisition loan to Halfpenny Management, based on their tremendous reputation and track record in the Lehigh Valley,” said Comly. “Halfpenny was able to take advantage of the recent drop in interest rates to lock up a competitive fixed-rate loan.”

Birchwood Commons is located at 1000-6000 Birchwood Circle in the Lehigh Valley. The property was completed in 2018 and features one- and two-bedroom floor plans, averaging 933 square feet, with high-end finishes, granite countertops, full-size washers and dryers, designer cabinets, laminate hardwood flooring and key fob-controlled building access. Community amenities include a landscaped courtyard, a fitness center and private parking garages. Strategically located off Freemansburg Avenue, the nearly seven-acre property is only minutes from Interstate 78 and Route 33, providing excellent accessibility to the entire region.