L+M, Camber borrow additional $40.5M from for 722 units in Bronx

L+M Development Partners and Camber Property Group through the entity Cross Bronx Preservation LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $40.5 million for 2 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 722 residential units at 1805-1811 Crotona Avenue and 1860-1870 Schieffelin Avenue in Claremont, the Bronx. The deal closed on February 10, 2021 and was recorded on April 13, 2021.
The property contains a total of 286,346 square feet of built space. The property has 622,346 square feet of available development rights.
The average loan per unit is $56,094.
This is additional debt as a subordinate loan, on top of the $135.5 obtained in January 2021. This is for two properties with 722 units. L+M and Camber signed a ground lease as tenants with the New York City Housing Authority as landlord. The signatory was Rick Gropper, of Camber Property Group.
Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $481,800. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $5,213,954.

Direct link to Acris document. link