Cammeby’s International signs $78.8M in refis with NewPoint in Brooklyn, Queens

Cammeby’s International Group signs $78.8 million in refi loans with NewPoint in Brooklyn and Queens in three separate transactions.

In the first, Cammeby’s International Group through the entity Wilshire Apartments Del LLC as borrower signed a refi loan with lender NewPoint through the entity Newpoint Real Estate Capital LLC valued at $28.6 million for two properties including the 217-unit rental (D1) at 182-30 Wexford Terrace in Jamaica Estates, Queens and industrial (G6) at N/A Hillside Avenue in Jamaica Estates, Queens.
The deal closed on October 29, 2021 and was recorded on November 18, 2021.
The two properties have 184,896 square feet of built space and 28,620 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $154 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 owners according to the Department of Housing Preservation and Development includes Jay Rosenfeld, head officer and Peter Lepore, site manager. The business entity is Wilshire Apartments Del Llc.
Within a 400-foot radius of 182-30 Wexford Terrace, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on June 4, 2020 for a 39,536-square-foot R-2 building with 46 residential units at 183-03 Hillside Avenue.
Of those three items, two were loans above $5 million totaling $17.5 million. The most recent of the two was Barberry Rose Management Company which borrowed $10.0 million from Principal Life Insurance Company secured by the 139,143-square-foot, 160-unit rental (D3) on 183-11 Hillside Avenue on August 9, 2021.

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In the second, Cammeby’s International Group through the entity Lawrence Towers Del LLC as borrower signed a refi loan with lender NewPoint valued at $28.2 million for the 177-unit rental (D7) at 3280 Nostrand Avenue in Sheepshead Bay, Brooklyn.
The deal closed on October 29, 2021 and was recorded on November 18, 2021.
The property has 186,257 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $151 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 owner bought the property on April 30, 2013, for $1.8 million.
The signatory for Cammeby’s International Group was Eli Schron.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The owners according to the Department of Housing Preservation and Development includes Jay Rosenfeld, head officer and Chaim Gross, site manager. The business entity is Lawrence Towers Del Llc.
Within a 400-foot radius of 3280 Nostrand Avenue, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Cammeby’s International Group borrowed $27.3 million from NewPoint secured by the 178,028-square-foot, 214-unit rental (D1) on 3301 Nostrand Avenue and one other property on November 16, 2021.

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In the third, Cammeby’s International Group through the entity Edgerton Apartments Del LLC as borrower signed a refi loan with lender NewPoint through the entity Newpoint Real Estate Capital LLC valued at $22.0 million for the 152-unit rental (D7) at 178-10 Wexford Terrace in Jamaica Estates, Queens.
The deal closed on October 29, 2021 and was recorded on November 18, 2021.
The property has 164,360 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $133 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 owner bought the property on May 4, 2004, for $16.1 million.
The signatory for Cammeby’s International Group was Eli Schron.

The owners according to the Department of Housing Preservation and Development includes Jay Rosenfeld, head officer and Peter Lepore, site manager. The business entity is Edgerton Apartments Del Llc.
Within a 400-foot radius of 178-10 Wexford Terrace, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 4, 2021 for the $1.9 million renovation of 128,280-square-foot R-1 building with 83 residential units at 178-01 Wexford Terrace.
Of those three items, two were loans above $5 million totaling $66.2 million. The most recent of the two was Noorollah Asherian and Shokrollah Rehanian which borrowed $5.2 million from Valley National Bank secured by the 14,395-square-foot, 18-unit rental (D7) on 177-18 Wexford Terrace on February 12, 2020.

Direct link to Acris document. link