Lehigh Financial Group LLC of Allentown said it facilitated the sale of nine properties in South Bethlehem and another in Allentown to a sole investor for $1.65 million.
Christa Rimonneau of Brooklyn, N.Y., bought nine properties on Birkel Street that house Lehigh University students in Bethlehem and one apartment property at 137 W. Susquehanna St. in Allentown from the same seller, ABA Housing LLC of Bethlehem, said Jeff Barber, president of Lehigh Financial Group.
“We helped arrange the financing by connecting the buyer to a lender,” Barber said.
People Federal Credit Union of Allentown funded the loan, Barber said.
Barber said Michael Gilbert of Lehigh Financial Group was instrumental in making the deal happen.
“Student housing is a unique property to finance,” Barber said. “We did it as one loan for the purchase of 10 separate properties. A lot of investors will not allow for that.”
Lehigh Financial provided one mortgage for all of the properties.
Rimonneau, founder of CRTS Properties LLC, has been investing in the region for nearly 10 years and has properties in Easton and Bethlehem, Barber said.
With the university nearby, students will always have a need for housing, he noted.
All of the properties the company purchased are fully rented. The company plans to make improvements to the properties over time.
Keystone Property Management & Maintenance LLC of Bethlehem will continue to manage the properties for CRTS.
No other Realtors were involved in the transaction, Barber said.