ALLENTOWN, PA. _ Ryan and Mirelle Hadeed of Allentown plan to convert a former factory at 401 North Second Street that has been in the family for three generations into an apartment building. Jeff Barber of Lehigh Financial Group, LLC, arranged the $1.3 million construction loan that will allow the Hadeeds to pursue plans for the more than 100-year-old building that Ryan’s grandfather bought in the 1970s.

The loan closed at the beginning of June. The Hadeeds plan to start construction soon and hope to complete the project by early next year if not sooner. Plans call for 10 apartments: six one-bedroom and four two-bedroom units. The building also will have five storage units for the tenants.

The apartments will have high-end finishes such as granite countertops and maintain its commercial feel with exposed duct work and 14-foot ceilings, Ryan said. The building had been rented as a commercial property but is now vacant. Ryan didn’t want to push any tenants out, he said.

Ryan said the building was originally an ice cream factory. He inherited the property from his father, Joseph, after he died in 2014. Joseph had inherited the property from his father, Ryan’s grandfather, Jamil.

Ryan said his father had drawn up plans to convert the building into apartments more than 20 years ago but for whatever reason never completed the project.

The building, on the border of Allentown’s First and Sixth wards, is two blocks from Allentown’s Waterfront that is being revitalized, and Ryan believes his timing ideal. “The neighborhood will definitely be booming in the next few years,” he said.

Barber said he is excited for Ryan and Mirelle and is certain their apartments will be in demand as the neighborhood is undergoing great improvements.

Lehigh Financial Group, LLC is a leading source of innovative real estate capital solutions and financing options for commercial customers. The company, based in Allentown, serves the Lehigh Valley region by providing capital for businesses and investors locally, regionally and nationwide. For more information on Lehigh Financial Group LLC, please see our website at http://www.lehighfinancialgroup.com.

 

Information provided to TVL by Beth Orenstein on behalf of:
Lehigh Financial Group, LLC
122 North 5th Street
Allentown Pa 18102
http://www.lehighfinancialgroup.com/

 

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