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Deals & Dealmakers

Construction financing for afforable property

Camber Property Group (CPG) and Westhab Inc. closed on financing for the construction of 913 East Tremont Avenue, a supportive and affordable residential rental building in the Bronx that will include 119 units and 6,500 s/f of commercial space.

The development will reserve 60 percent of the apartments for formerly homeless residents and the balance for low-income individuals and families.

Construction of the $50 million project will be funded through tax-exempt bond financing, as of right tax credit equity provided by Wells Fargo and public subsidies from the New York State Housing Finance Agency and New York State Homes and Community Renewal.

The building was designed by Aufgang Architects and is being constructed by SD Builders.

913 East Tremont Avenue will feature outdoor recreational space, a 1,300 s/f community room and space for the provision of supportive services by Westhab, a community development nonprofit that provides housing opportunities and social services. Construction is expected to be complete by late 2021.

Camber principal Rick Gropper said, “Housing formerly homeless New Yorkers is of the utmost importance to our firm and we are thrilled to partner with Westhab, NYS Homes and Community Renewal and Wells Fargo to deliver a high quality product with comprehensive supportive services.”

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