Section 8 contract was extended
Camber Property Group and Belveron Partners have acquired three Upper Manhattan apartment buildings for $59.6 million. The properties contain 143 units and will remain affordable for another 40 years.
Deal Breakdown: Meyer Orbach sold 107 West 109th Street in Morningside Heights and 1871 Seventh Avenue in West Harlem for a total of $50.1 million. The final property at 287 Audubon Avenue in Washington Heights was sold by Metropolitan Realty for $9.5 million.
Worth Noting: By extending the building’s Section 8 contract with HUD, rents will be capped at 40 percent of each tenant’s income, according to the CO.
Financing Breakdown: Greystone provided $45 million in bridge financing, while the buyers wait for funding from HUD.