Camber Property signs $20.5M acquisition loan with Walker & Dunlop in Central Harlem

Camber Property Group through the entity West 144 Owner LLC as borrower signed an acquisition loan with lender Walker & Dunlop through the entity W&D Interim Lender Iv, LLC valued at $20.5 million for four rentals including the 15-unit rental (C4) at 104 West 144th Street in Central Harlem, Manhattan, 15-unit rental (C4) at 106 West 144th Street in Central Harlem, Manhattan, and 15-unit rental (C4) at 108 West 144th Street in Central Harlem, Manhattan.
The deal closed on July 29, 2021 and was recorded on August 11, 2021.
The four properties have 51,560 square feet of built space and 0 square feet of additional air rights for a total buildable of 51,558 square feet according to PincusCo analysis of city data. The loan price per built square foot is $397 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Camber Property Group was Rick Gropper.

Within a 400-foot radius of 104 West 144th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on November 27, 2019 for a 77,762-square-foot S-1 building with N/A residential unit residential units at 119 West 145th Street.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on September 17, 2020 for the $389,200.0 renovation of 5,000-square-foot B building with 0 residential units at 703 Lenox Avenue.
Of those seven items, two were sales above $5 million totaling $17.6 million. The most recent of the two was Coltown Properties which bought the 14,988-square-foot, six-unit retail building (K1) on 112 West 145th Street for $6.0 million from Tracy Cohen on June 15, 2021.
Of those seven items, three were loans above $5 million totaling $57.0 million. The most recent of the three was Coltown Properties which borrowed $20.0 million from ConnectOne Bank secured by the 15,000-square-foot, 10-unit mixed-use building (K4) on 685 Lenox Avenue and four other properties on June 18, 2021.

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