Camber Property Group and Belveron Partners have closed on a portfolio of 384 affordable housing units across eight buildings in Flatbush, Brooklyn, for nearly $90 million.
The team partnered with the New York City Department of Housing Preservation and Development to commit the entirety of what was a rent stabilized and free market portfolio to affordable housing.
In addition to preserving the affordability of every unit, 26 units will be reserved for formerly homeless New Yorkers. Camber will also address deferred maintenance at the properties and bring elevators up to current New York City Department of Buildings’ codes.
The deal includes affordability preservation for 100 percent of the portfolio’s units for 30 years. Fifty units will also have permanent affordability protections.
Financing was provided by Merchants Bank of Indiana, which originated a loan in the amount of $65.6 million.
“As our city recovers from the COVID-19 pandemic, it is clear that the need for affordable and formerly homeless housing is greater now than ever,” said Rick Gropper, Principal and Co-Founder of Camber Property Group.
“This investment furthers our commitment to that important goal. The portfolio represents a deep investment in the future of Flatbush, and we look forward to a productive partnership with our tenants and the greater Brooklyn community as we rehabilitate these properties and create desperately needed affordable housing.”
“An unwavering dedication to affordable housing is in New York’s DNA,” said Louis A. Harrison, partner at Belveron Partners. “It is part of what makes this city so great, citizens and agencies aligned to work to provide homes for everyone.”
Of the eight properties, 221 Linden Boulevard is the largest with 145 total units. Other properties included in the sale are 91 East 18th Street, 95 East 18 Street, 682 Ocean Avenue, 672 Ocean Avenue, 666 Ocean Avenue, 816 Ocean Avenue and 280 East 21st Street.
The deal brings the Camber Belveron portfolio to 59 buildings with 4,236 units.
PHOTO TOP: 221 Linden Boulevard, the largest building in the portfolio.