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New York & Tri-State  + Uptown/Bronx  + Finance  | 

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.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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