Camber Property signs $74.5M loan for eight properties in Brooklyn

UPDATED: 8:53 a.m., March 1, 2022: Camber Property Group through the entity PPSP Preservation LLC as borrower signed a refi loan with lender New York City Housing Development Corporation valued at $74.5 million for eight properties including the 145-unit residential elevator building at 211 Linden Boulevard in East Flatbush, Brooklyn, 68-unit residential elevator building at 280 East 21st Street in Flatbush, Brooklyn, and 30-unit residential elevator building at 682 Ocean Avenue in Flatbush, Brooklyn.
The deal closed on December 28, 2021 and was recorded on February 14, 2022. The prior lender was Merchants Bank of Indiana which held debt that had an original loan amount of $65.6 million.
The eight properties have 411,892 square feet of built space and 38,660 square feet of additional air rights for a total buildable of 439,535 square feet according to PincusCo analysis of city data.
The signatory for Camber Property Group was Rick Gropper.
The eight properties with a total of 411,892 square feet of built space generated revenue of $6.2 million per year or $15 per square foot.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $145,000.
In East Flatbush, the bulk, or 42 percent of the 78.9 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 82 percent of the 925,263 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 8 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Rick Gropper, head officer and David Sorise, agent. The business entities are Twin Pines Management and Ppsp Preservation Llc.
Within a 400-foot radius of 211 Linden Boulevard, Pincusco identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit issued on October 1, 2020 for a 15,315-square-foot R-2 building with 22 residential units at 1365 Nostrand Avenue.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on December 13, 2021 for the $1.5 million renovation of 10,837-square-foot R-2 building with 17 residential units at 1359 Nostrand Avenue.
Of those nine items, seven were loans above $5 million totaling $105.8 million. The most recent of the seven was Pinnacle Group which borrowed $18.3 million from New York Community Bank secured by the 146,660-square-foot, 162-unit rental (D6) on 222 Lenox Road on September 24, 2021.

Correction: A prior version of this article incorrectly doubled the loan amount through an incorrect reading of the Acris records.

Direct link to Acris document. link