Camber Property borrows $66M from Merchants Bank of Indiana for rental acquisitions in Flatbush

Camber Property Group through the entity PPSP Preservation LLC as borrower signed a loan agreement with lender Merchants Bank of Indiana valued at $65.6 million for the purchase of eight parcels, including the tax class multifamily, over six families without stores (C1) and containing 384 residential units at 666 Ocean Avenue, 672 Ocean Avenue, 816 Ocean Avenue, 682 Ocean Avenue, 95 East 18th Street, and others in Flatbush. The deal closed on April 1, 2020 and was recorded on May 22, 2020.
The property has 450,552 square feet of existing space and available development rights.
The average loan per unit is $170,833.
The last time the portfolio sold was February 28, 2013, for $77,067,493.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $692,360.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link