Boyd Wilson expands Lehigh Valley portfolio with $97M acquisition of The Landings

Northmarq structures creative capital stack utilizing agency financing and strategic cross-portfolio preferred equity recapitalization

MINNEAPOLIS — Boyd Wilson LLC has acquired The Landings, a 384-unit apartment community in Bethlehem, Pa., for $97 million. The transaction was supported by a $67.9 million Freddie Mac senior loan and $13.5 million in preferred equity from Northmarq Fund Management, delivered through a highly customized capital stack structured by Northmarq.

The acquisition was executed alongside preferred equity recapitalizations of two additional Boyd Wilson-owned multifamily assets — Rosedale Apartments in Hershey, Pa., and Pioneer Woods Apartments in Lancaster, Pa. — each subject to existing Fannie Mae financing. The coordinated structure marks the first time Northmarq has combined internally originated Agency debt with preferred equity from its Fund Management platform in a single, integrated execution.

To facilitate the acquisition, Northmarq’s Fund Management Group provided $13.5 million of preferred equity for The Landings in tandem with the Freddie Mac loan. At the same time, Northmarq’s Debt and Equity teams recapitalized Rosedale and Pioneer Woods – both vintage assets – with an additional $9.5 million of preferred equity. In total, Northmarq Fund Management deployed $23 million across the three-property structure.

This dual-pronged approach unlocked liquidity within Boyd Wilson’s existing portfolio while preserving long-term agency financing, effectively bridging the capital gap and enabling the firm to expand its presence in the Lehigh Valley.

“This transaction would not have taken place without Northmarq’s broad spectrum of abilities, spirit of partnership and plain old ‘get the job done’ ethic," said Norris Boyd, principal at Boyd Wilson. “In a market that's being very careful, Northmarq’s willingness to go the extra mile produced an economically sound package of financing and equity for this affordable housing community. We look forward to our future Northmarq relationship with excitement and optimism.”

Northmarq leveraged its deep agency relationships to secure the structured Freddie Mac financing, providing long-term stability for the newly acquired asset. The transaction was led by John Banas, Kris Wood, Joel Heikenfeld and Charlie Rimkus, in collaboration with Peter Sherman of Northmarq Fund Management.

“This transaction highlights the power of creative structuring and true partnership in today’s capital markets environment,” said Banas. “By recapitalizing existing assets while simultaneously capitalizing a new acquisition, we were able to solve both sides of the equation—unlocking liquidity and enabling growth.”

“This is a great example of how we can think beyond a single asset,” said Heikenfeld. “By leveraging our fund platform alongside our agency expertise, we delivered a flexible solution tailored to Boyd Wilson’s broader portfolio strategy.”

Located at 1818 Catasauqua Road, The Landings offers residents access to Lehigh Valley’s key employment hubs and is approximately 66 miles north of Philadelphia. The property will further strengthen Boyd Wilson’s growing Bethlehem portfolio and benefit from the firm’s institutional management approach and local operating expertise.

About Boyd Wilson, LLC
Founded in 1982 and headquartered in Lancaster, Pennsylvania, Boyd Wilson, LLC is a premier, privately held real estate firm specializing in multifamily property management and ground-up property development. For over four decades, the company has managed a robust portfolio of its own properties alongside third-party assets throughout Central Pennsylvania. Synonymous with knowledge, experience, achievement, and professionalism, Boyd Wilson is a performance-driven organization built on the core values of transparency, responsive customer service, and community collaboration. To learn more about their residential communities and professional management services, visit the Boyd Wilson Website.