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Camber Completes Two Bronx Affordable Deals
Camber Property Group closed on two 100% affordable properties in The Bronx for a total of $56.4 million. The acquisitions will preserve and extend affordability for 187 units.
In early January, Camber closed on Morris Heights Mews, a three building, 111-unit project located at 1695 Grand Ave. in the borough’s Morris Heights neighborhood. The total development cost for the project was $29 million, financed with an $18.4-million loan from Freddie Mac via Merchants Capital and $10.6 million of private equity capital. The Community Preservation Corporation partnered with Camber on this project.
In late December the company closed on Trinity Apartments, a 76-unit building located at 2105 Daly Ave. in the borough’s West Farms neighborhood. The total development cost for the project was $27.4 million, financed with a $18.3-million loan from Freddie Mac via Walker & Dunlop and $9 million of private equity capital.
Jamie Renzenbrink and Gene Levental of SVN Affordable were the exclusive brokers on the Morris Heights Mews transaction. Trinity Apartments was brokered by Andy Daitch, Matt Kurzmann, and Neil Rosenthal of Affordable Housing Advisors (Marcus & Millichap).
- ◦Sale/Acquisition
