Cammeby’s signs $88.1M refi with NewPoint for 676-unit complex in Oakland Gardens

Cammeby’s International Group through the entity Mid Queens Limited Partnership as borrower signed a refi loan with lender NewPoint Real Estate Capital valued at $88.1 million for four residential walkup properties with a total of 676 units including the midblock 224-unit residential walkup building at 224-01 69th Avenue in Oakland Gardens, Queens, midblock 180-unit residential walkup building at 223-01 65th Avenue in Oakland Gardens, Queens, and midblock 176-unit residential walkup building at 224-65 64th Avenue in Oakland Gardens, Queens.
The deal closed on April 1, 2022 and was recorded on April 25, 2022. The prior lender was a securitized bond pool Series 2012-K21 which held debt that had an original loan amount of $65 million.The four properties have 533,250 square feet of built space and 60,121 square feet of additional air rights for a total buildable of 593,754 square feet according to PincusCo analysis of city data. The loan price per built square foot is $165 and the price per buildable square foot is $148 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 224-01 69th Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Abraham Biller, head officer and Sol Kurz, officer. The business entities are Mid Queens Lp and Mid Queens Lp.

The property

The 224-01 69th Avenue parcel has frontage of 525 feet and is 600 feet deep with a total lot size of 372,000 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The property has a J-51 exemption that started in 1990.0 and expires in 2024.0. The city-designated market value for the property in 2022 is $22.3 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, $3,760 in ECB penalties, 12 housing violations, and $5,510 in OATH penalties 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 neighborhood

In Oakland Gardens, the bulk, or 33 percent of the 8.7 million square feet of commercial built space are 1-4 family buildings, with walkup buildings next occupying 28 percent of the space. In sales, Oakland Gardens has the 52nd highest sale turnover among other neighborhoods in Queens with $1.4 million in sales volume in the last two years. For development, Oakland Gardens has near average amount of major developments among other neighborhoods and is the 8th highest in Queens. It had 926,928 square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On the tax block of 224-01 69th Avenue, PincusCo has identified the owner of the one commercial property that spans that spans 174,200 square feet on the block.The identified owner is Cammeby’s International Group. There are no active new building construction projects on this tax block.

All properties are residential walkup.

The borrower

The PincusCo database currently indicates that Cammeby’s International Group owned at least 96 commercial properties with 15,171,474 square feet and a city-determined market value of $1.8 billion. (Market value is typically about 50% of actual value.) The portfolio has $1.7 billion in debt, with top three lenders as Capital One, NewPoint Real Estate Capital, and New York Community Bank respectively. Within the portfolio, the bulk, or 73 percent of the 15,171,474 square feet of built space are residential elevator properties, with residential walkup properties next occupying 19 percent of the space. The bulk, or 52 percent of the built space, is in Queens, with Brooklyn next at 32 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 224-01 69th Avenue that occurred over the past 24 months.

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