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Camber Property Group lands $79M to develop Harlem rental

Project should be finished by 2021

Rendering of Victory Plaza (Credit: Camber Property Group)

Camber Property Group and Harlem Congregations for Community Improvement have secured $79 million in financing from Wells Fargo andNYC’s HPD for its affordable housing project at 11 West 118th Street in Harlem. 

Financing Breakdown via TRD: HDC is providing $39 million in bonds; HDC + HPD are both contributing about $7 million in subsidies; and Wells Fargo is putting up $26 million in equity from selling low income housing tax credits in addition to a $39 million letter of credit.

Plans: Upon completion, the property will consist of 136 units. Of those apartments, 41 will be set aside for formerly homeless seniors

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