The Martin Project Showcases the Power of Partnerships and Relationship-Based Banking
In the heart of Doylestown Borough, a new apartment building stands as a testament to the power of partnership, perseverance, and community-focused development. The Martin, a 59-unit complex, is more than just a successful real estate venture — it’s the result of a unique collaboration between seasoned developers, community members, and a local bank committed to local growth.
“This is one of the first new apartment buildings in Doylestown Borough in over 20 years,” explains Dexter Leder, a Real Estate Lending Team Leader at Penn Community Bank. “We saw an opportunity to be part of something special – a project that would meet a real need in our community while respecting the character of this historic town.”
The story of The Martin began when Jason Duckworth, president of Arcadia Land Company, spotted potential in a forlorn former auto dealership on North Main Street. Specializing in creating walkable neighborhoods, Duckworth saw beyond the run-down exterior to envision a vibrant addition to Doylestown’s close-knit community.
“We believe people thrive when they live in environments where they know their neighbors and can easily walk to local amenities,” Duckworth said. “But achieving that vision isn’t always easy in suburban areas where zoning often prohibits this type of development.”
A Partnership Built on Experience and Trust
Enter Gary Jonas and The HOW Group, experienced multifamily developers known for their expertise in construction, property management, and creative financing. Together, Arcadia and The HOW Group formed a partnership that would combine visionary planning with practical execution.
“When you pick your partners, you’ve got to get it right,” Jonas said. “Having Jason and his team as partners meant that when we hit inevitable bumps in the road, we had people of goodwill to work through those challenges with.”
Jonas brings a wealth of experience to the table, having grown The HOW Group from small-scale investments to managing over 1,500 units across the Philadelphia market. This growth, he notes, was made possible in part by long-standing relationships with community banks like Penn Community.
“It’s wonderful to be able to grow with the Bank,” Jonas reflects. “Usually, when you start smaller, you either outgrow the bank or the bank gets acquired. But 12 or 15 years later, Penn Community is still one of our go-to banks and one of our most valued relationships.”
The development of The Martin coincided with a perfect storm of challenges: pandemic-related supply chain issues, labor shortages, and rapidly rising costs. “At one point, our costs went up by 30%,” Jonas said. “That’s the kind of increase that can sink a project if you don’t have the right team and the right financing in place.”
Navigating Challenges with Community-Focused Banking
This is where Penn Community Bank’s unique approach made all the difference. Rather than offering a standard construction loan that would leave the developers exposed to interest rate risk, the bank worked with
Jonas and Duckworth to create a fixed-rate construction-to-permanent loan.
“That certainty was critical,” Jonas said. “We do a loan committee on every deal, and we said if we can’t get a fixed rate loan, we’re not going to do this project even though we love it. Penn Community Bank gave us that loan, and that’s the only reason this project got done from our end.”
Dexter credits the bank’s community-focused model for allowing this kind of creative problem-solving. “As a mutual bank, we’re not beholden to shareholders – we’re here to serve our community,” he explains. “That means we can take the time to really understand a project, bring our whole leadership team to the table, and find solutions that work for everyone.”
This hands-on approach proved invaluable as the project faced delays and unexpected costs. “There were times when we needed to go to the bank and say, ‘Hey, we’re a little behind schedule. Here’s what’s going on. Can you give us a little extra time?’” Jonas recalls. “Working with Dexter and the team at Penn Community, they were very understanding and willing to work with us through that process because they saw where the
project was going.”
For Dexter, this flexibility stems from the bank’s deep roots in the community. “Gary can pick up the phone and call me at any time, and I can do the same,” he said. “That’s not always possible with larger, national banks. Our ability to bring our entire leadership team to the site, to discuss the project in person – that’s key to how we operate as a community bank.”
A Model of Success for the Future
The result of this collaborative effort speaks for itself. The Martin opened fully leased, with rents meeting or exceeding projections. One year in, the building boasts a 100% renewal rate. But beyond the numbers, The Martin has achieved something even more valuable – it has seamlessly integrated into the fabric of Doylestown, providing much needed housing while respecting the borough’s historic character.
“The architecture and design really tie in with the neighborhood,” Dexter said proudly. “It doesn’t stick out – it fits. That attention to community context is a key component of whether a project is successful or not.”
Duckworth highlights the importance of community engagement throughout the development process. “As we went through this process, I got to know Sarah and Moses at the dry cleaner, Bob Linders the pastor of the Lutheran church, all the leaders of the HOA across the street,” he said. “It became a neighborhood affair to sit down, have a cup of coffee, and try to talk about a vision for this site that would be a good neighbor in this already close-knit community.”
For Penn Community Bank, The Martin represents exactly the kind of project they aim to support – one that strengthens the local community while demonstrating sound business principles. “This partnership showed how developers, community banks, and local leaders can work together to create something truly beneficial,” Dexter said. “It’s a model we hope to replicate throughout Bucks County and beyond.”
Jonas sees The Martin as just the beginning of a long-term partnership with both Arcadia Land Company and Penn Community Bank. “We view our business as a business of continuing to hit singles and just be in the game,” he said. “As long as we’re consistently in it and consistently making good underwriting decisions, we feel like long term we’ll be okay. If we own 1,500 units now, we’d like to own 3,000 units in five years, and I look at Penn Community as a bank that is always going to be there for us.”
As Doylestown residents settle into their new homes at The Martin, they’re not just renting apartments – they’re becoming part of a vision for vibrant, walkable communities. It’s a vision made possible by developers who understand the importance of place; a bank deeply rooted in the community it serves; and a shared commitment to building a brighter future, one project at a time.
