Camber Property signs $58.4M construction loan for rentals in Soundview
Camber Property Group through the entity Stevenson B4 LLC as borrower signed a new construction loan with lender Bank of New York Mellon valued at $58.4 million for the industrial building (G7) at 1841 Seward Avenue in Soundview, Bronx.
There are two projects filed on this tax lot. One is a new building project for a 16-unit residential (R-2) building submitted by Rick Gropper with plans filed March 3, 2020 and permitted December 19, 2023. The second is a new building project for 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 signatory for Camber Property Group was Richard M. Gropper.
The property
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 property for the past 24 months. In addition, according to city public data, the property has 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 $245 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 borrower
The PincusCo database currently indicates that Camber Property Group owned at least 72 commercial properties with 7,417 residential units in New York City with 7,181,744 square feet and a city-determined market value of $520 million. (Market value is typically about 50% of actual value.) The portfolio has $1.7 billion in debt, with top three lenders as New York City Housing Authority, NYC Housing Development Corporation, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 94 percent of the 7,181,744 square feet of built space are elevator properties, with walkup properties next occupying 2 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Brooklyn next at 12 percent of the space.
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