KRE, Silverman close on $44M construction financing

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Joint venture partners KRE Group and The Silverman Group have closed on $44.4 million in financing to construct a new 273-home garden apartment complex in Upper Macungie, near Allentown in Pennsylvania.

Branded Lehigh Hills, the new community will take shape at 1400 Nursery Street in this Lehigh County Township and will be part of KRE Group’s growing Garden Collection.  The financing was provided by 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. 

JONATHAN KUSHNER

“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.”

“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.

Construction commenced last summer and is expected to be completed in 2022.  The community will feature a mix of one- and two-bedroom homes housed in seven mid-rise buildings.  Recreational and social amenities will include a fitness center with a yoga room, gaming room, conference room, and an outdoor pool with a waterfall, landscaped outdoor terrace with fire pits, a tot-lot and a dog park.  The community is situated in the Lehigh Valley (pictured top) near major transportation highways Interstate 78 and Interstate 2. 

Lehigh Hills is the fourth collaboration for KRE Group and The Silverman Group in Pennsylvania.  The partnership previously developed Madison Farms, a 100-acre mixed-use apartment and retail complex in Bethlehem Township as well as Spring View and Parkland View.

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