Camber Property signs $44.5M construction loan for developments in Soundview

Camber Property Group through the entity Stevenson Homeownership LLC as borrower signed a construction loan with lender Enterprise Community Partners through the entity Enterprise Community Loan Fund valued at $44.5 million for 1850 Lafayette Avenue in Soundview, Bronx.
The deal closed on December 20, 2023 and was recorded on December 29, 2023.

On the tax block, there were three new building construction projects. The largest is a 117-unit residential (R-2) building submitted by Camber Property Group and filed by Rick Gropper with plans filed May 7, 2020 and permitted December 19, 2023. The second largest is a 16-unit residential (R-2) building submitted by Rick Gropper with plans filed March 3, 2020 and permitted December 19, 2023.

The property

The parcel has frontage of 342 feet and is 65 feet deep with a total lot size of 22,230 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $181,000. The most recent loan totaled $48 million and was provided by NYC Housing Development Corporation on June 30, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

The neighborhood

In Soundview, The majority, or 58 percent of the 20.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Soundview has had very little sales volume relative to other neighborhoods with $249.4 million in sales volume in the last two years. For development, Soundview is the 4th most active neighborhood among other neighborhoods. It had 8.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 41 percent of the neighborhood’s built space.

The block

On the tax block of 1850 Lafayette Avenue, PincusCo has identified the owners of eight of the eight commercial properties representing 1,021,752 square feet of the 1,021,752 square feet. The identified owner is Camber Property Group.

The majority, or 100 percent of the 1 million square feet of built space are elevator buildings.

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