Camber, Partner Land $50M Loan for Bronx Supportive Housing
- Jan 03, 2020
Camber Property Group and Westhab have secured approximately $50 million in financing to build a supportive housing development in the Bronx. The project has already begun construction and is expected to be completed by late 2021.
The $50 million development will be built at 913 E. Tremont Ave. in the West Farms neighborhood. When completed, the supportive housing building will offer 119 units with 60 percent of the apartments being reserved for formerly homeless residents and the rest designated for low-income individuals and families.
Being a supportive and affordable housing building, the project received approximately $20 million of equity invested from the sale of low-income housing tax credits and $30 million in public subsidies from the New York State Housing Finance Agency and New York State Homes and Community Renewal, according to Camber.
The building will feature a garden entrance and outdoor recreational space, a 1,300-square-foot community room and a dedicated space where Westhab will offer its supportive services. The project was designed by Aufgang Architects and is being built by SD Builders.
ADDRESSING AFFORDABILITY IN THE CITY
In the Highbridge neighborhood of the Bronx, Camber is also renovating the 400-unit Highbridge House with plans to fully return it to affordable units after purchasing it for $77 million.
Elsewhere in New York City, Camber is developing a 136-unit affordable housing project for seniors in Harlem. Camber recently topped out the 82,112-square-foot property, which is expected to be complete towards the end of 2020.
Camber’s involvement in affordable housing extends to 2018 where it teamed up with Belveron Partners to acquire three Section 8 affordable housing properties in Upper Manhattan for $60 million.