Camber Property Group borrows $46M from NYS Housing Finance Agency for new development in Tremont

Camber Property Group, the affordable housing firm led by Rick Gropper and Andrew Moelis, through the entity Tremont Housing Development Fund Corporation as borrower signed a loan agreement with lender New York State Housing Finance Agency valued at $46.2 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 909-913 East Tremont Avenue in Tremont. The deal closed on December 18, 2019 and was recorded on December 26, 2019.

Camber at the same time signed a lease to control the 6,500-square-feet of retail space that will be built. The lease runs for 40 years or until Camber buys the unit.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 67,225 square feet. Those plans include a total of 119 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link