Cammeby’s International signs $136.9M refi with NewPoint for 1,260 units in Gravesend

Cammeby’s International Group through the entity Beach Haven Apartments Associates LLC as borrower signed a refi loan with lender NewPoint Real Estate Capital valued at $136.9 million for nine residential elevator properties with a total of 1,260 units including the 240-unit residential elevator building (D1) at 2612 West 2nd Street in Gravesend, Brooklyn, 240-unit residential elevator building (D1) at 638 Avenue Z in Gravesend, Brooklyn, and 180-unit residential elevator building (D1) at 9 Murdock Court in Gravesend, Brooklyn.
The deal closed on January 31, 2023 and was recorded on February 9, 2023. The prior lender was Fannie Mae which held debt that had an original loan amount of $118.8 million. The nine properties have 1,066,292 square feet of built space and 17,480 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $128 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 Cammeby’s International Group was Eli Schron. The signatory for NewPoint Real Estate Capital was Mia Bergen.

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 2612 West 2nd Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Osher Perlow, head officer and George Thomas, site manager. The business entity is Beach Haven Apts Assoc Llc. The nine properties with a total of 1,066,292 square feet of built space generated revenue of $23.2 million per year or $22 per square foot.

The property

The 2612 West 2nd Street parcel has frontage of 772 feet and is 200 feet deep with a total lot size of 154,400 square feet. 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 $16.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received two DOB violations, $5,495 in ECB penalties, 91 housing violations, $6,745 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 2612 West 2nd Street, PincusCo has identified the owners of three of the three commercial properties representing 389,760 square feet of the 389,760 square feet. The identified owner is Cammeby’s International Group.
there are no active new building construction projects on this tax block.

All properties are elevator.

The borrower

The PincusCo database currently indicates that Cammeby’s International Group owned at least 118 commercial properties in New York City with 16,034,270 square feet and a city-determined market value of $1.7 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 69 percent of the 16,034,270 square feet of built space are elevator properties, with walkup properties next occupying 23 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 30 percent of the space.

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