Camber Property borrows $14.8M from Signature Bank to buy Bronx rentals

Camber Property Group borrowed $14.8 million from Signature Bank in two transactions to buy Bronx rentals.

In the first transaction, Camber Property Group through the entity 2340 Beaumont Housing Development Fund Corporation as borrower signed a loan agreement with lender Signature Bank valued at $8.6 million for 2 parcels, including the tax class miscellaneous (N9) and containing 112 residential units at 740 Cranford Avenue, 2340 Beaumont Avenue in Morrisania. The deal closed on October 30, 2020 and was recorded on November 13, 2020.
The property has 99,437 square feet of built space and available development rights.
The average loan per unit is $76,339.
The last time the property sold was November 17, 2017, for $2,615,910.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Camber Property Group through the entity 148 Brook Housing Development Fund Corporation as borrower signed a loan agreement with lender Signature Bank valued at $6.2 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 79 residential units at 454 East 148th Street in Mott Haven. The deal closed on October 30, 2020 and was recorded on November 13, 2020.
The property contains a total of 91,998 square feet of built space.
The average loan per unit is $78,323.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $70,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link