June 11, 2020
Camber Property Group and Belveron Partners closed on a portfolio of 384 affordable housing units across eight buildings in Flatbush, Brooklyn, representing an investment of nearly $90 million. The team partnered with the New York City Department of Housing Preservation and Development to commit a rent-stabilized and free-market portfolio to affordable housing.
“As our city recovers from the COVID-19 pandemic, it is clear that the need for affordable and formerly homeless housing is greater now than ever,” said Camber principal Rick Gropper. “This investment furthers our commitment to that important goal.”
Of the eight properties, 221 Linden Blvd. is the largest with 145 total units. Other properties include 91 E. 18th St., 95 E. 18th St., 682 Ocean Ave., 672 Ocean Ave., 666 Ocean Ave., 816 Ocean Ave. and 280 E. 21st St.
Financing was provided by Merchants Bank of Indiana, which originated a loan for $65.6 million.
For comments, questions or concerns, please contact Paul Bubny