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New York & Tri-State   /   January 6, 2020

Paul Bubny
By: Paul Bubny

Camber, Westhab Line Up Financing for Bronx Supportive Housing

Camber Property Group (CPG) and Westhab Inc. recently closed on financing for the construction of 913 E. Tremont Ave., a supportive and affordable residential rental building in the Bronx’s West Farms neighborhood. The $50-million project will be funded through tax-exempt bond financing, tax credit equity provided by Wells Fargo, and public subsidies from state housing agencies.

Set for completion in 2021, 913 E. Tremont will include 119 units and 6,500 square feet of commercial space. The development will reserve 60% of the apartments for formerly homeless residents, with wraparound supportive services provided by Westhab, and the balance for low-income individuals and families.

The closing capped a banner year for CPG, which included the $77-million purchase of the 400-unit Highbridge House community in the Bronx. CPG plans to return Highbridge House exclusively to affordable housing—a rarity in New York City, as buildings seldom return to regulation once they’ve been deregulated.

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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