Cammeby’s ups debt by $45M to $122.7M with NewPoint Real Estate Capital for 19 rentals in Queens

Cammeby’s International Group through the entity Central Astoria LLC as borrower signed a refi loan with lender NewPoint Real Estate Capital through the entity Newpoint Real Estate Capital LLC valued at $122.7 million for 19 rentals including the 84-unit rental (C9) at 20-53 18th Street in Astoria, Queens, 60-unit rental (C9) at 20-75 27th Street in Astoria, Queens, and 60-unit rental (C9) at 20-65 26th Street in Astoria, Queens.
The deal closed on September 1, 2021 and was recorded on September 9, 2021.
The 19 properties have 673,028 square feet of built space and 149,464 square feet of additional air rights for a total buildable of 823,382 square feet according to PincusCo analysis of city data. The loan price per built square foot is $182 and the price per buildable square foot is $149 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 Rubin Schron.

The financing includes $44.8 million in new debt, on top of $85 million of debt previously given by KeyBank.
The owner according to the Department of Housing Preservation and Development is Martin Kalt, head officer. The business entity is Central Astoria.Llc.

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