Camber signs $605M rehab construction loan for 1,527-unit Linden Plaza complex in East New York

Camber Property Group through the entity LP Preservation LLC as borrower signed a rehab construction loan with lender NYC Housing Development Corporation through the entity Lp Preservation Housing Company, Inc. valued at $605 million for Linden Plaza six properties with 1,527 residential units including the 1,276-unit property at 735 Lincoln Avenue in East New York, Brooklyn, 319-unit residential elevator building (D7) at 671 Lincoln Avenue in East New York, Brooklyn, and specialty building (Z9) at 735 Lincoln Avenue in East New York, Brooklyn.

This is a rehabilitation loan for the complex that Camber purchased on the same day as the loan. The transfer price in city records was $87.7 million and the reported price was $845 million.

The deal closed on December 30, 2024 and was recorded on January 29, 2025. The six properties have 1,758,394 square feet of built space and 184,966 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $344 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 Richard Gropper. The signatory for NYC Housing Development Corporation was Lauren Connors.

Prior sales and revenue

Out of the six properties, two with a total of 1,758,394 square feet of built space generated revenue of $24.3 million per year.

The property

The condo building with 1,276 residential units in East New York has 1,758,394 square feet of built space and 184,966 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has a total lot size of 1,396,750 square feet. The city-designated market value for the property in 2022 is $57.3 million.

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 received 13 DOB violations, $18,550 in ECB penalties, 4,756 housing violations, $36,115 in OATH penalties, and 18 housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 735 Lincoln Avenue, PincusCo has identified the owners of six of the 11 commercial properties representing 361,644 square feet of the 370,380 square feet. The two identified owners are Camber Property Group and City Of New York.
There are no active new building construction projects on this tax block.

The majority, or 98 percent of the 370,380 square feet of built space are elevator buildings, with specialty buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Camber Property Group owned at least 80 commercial properties with 8,084 residential units in New York City with 8,639,610 square feet and a city-determined market value of $537.4 million. (Market value is typically about 50% of actual value.) The portfolio has $2 billion in debt, with top three lenders as New York City Housing Authority, NYC Housing Development Corporation, and Merchants Bank of Indiana respectively. Within the portfolio, the bulk, or 83 percent of the 8,639,610 square feet of built space are elevator properties, with D3 properties next occupying 12 percent of the space. The bulk, or 83 percent of the built space, is in Bronx, with Brooklyn next at 14 percent of the space.

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