Camber Property Group through the entity CSA Preservation Partners LLC as borrower signed a rehab construction loan with lender NYC Housing Development Corporation valued at $783 million for a portfolio with 5,000 residential units including the 2,039-unit residential elevator building (D3) at 3841 Baychester Avenue in Edenwald, Bronx, and others
The deal closed on June 27, 2023 and was recorded on July 7, 2023.
The signatory for Camber Property Group was Rick Gropper. The financing includes a $60,141,847 purchase money mortgage from NYCHA and $436 million from NYC HDC bond sale. The total is $783 million in “capital financing” according to a press release to renovate 5,000 apartments.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 3841 Baychester Avenue.
The residential elevator building with 2,039 residential units in Edenwald has 2,058,775 square feet of built space and 971,199 square feet of additional air rights for a total buildable of 3,034,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 1,039 feet and is 924 feet deep with a total lot size of 2,427,999 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $122.3 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 32 DOB violations, $13,750 in ECB penalties, $14,175 in OATH penalties, and one housing litigation in the last year.
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On the tax block of 3841 Baychester Avenue, PincusCo has identified the owners of four of the five commercial properties representing 2,844,815 square feet of the 2,844,815 square feet. The largest owner is Roman Catholic Church, followed by Nyc Department Of Education and then New York City Housing Authority.
There are no active new building construction projects on this tax block.
The majority, or 84 percent of the 2.8 million square feet of built space are elevator buildings, with specialty buildings next occupying 16 percent of the space.
The PincusCo database currently indicates that Camber Property Group owned at least 73 commercial properties with 5,446 residential units in New York City with 5,135,699 square feet and a city-determined market value of $403.5 million. (Market value is typically about 50% of actual value.) The portfolio has $747.4 million in debt, with top three lenders as Merchants Bank of Indiana, NYC Housing Development Corporation, and Citibank respectively. Within the portfolio, the bulk, or 91 percent of the 5,135,699 square feet of built space are elevator properties, with walkup properties next occupying 4 percent of the space. The bulk, or 79 percent of the built space, is in Bronx, with Brooklyn next at 15 percent of the space.
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