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Cammeby’s sells affordable housing portfolio

LIHC Investment Group, Belveron Partners, and Camber Property Group has acquired an affordable housing portfolio in the Bronx from Ruby Schron’s Cammeby’s International Group for $170 million. The Mitchell-Llama buildings contain 1,275 affordable housing units, and 10 commercial units. 

  • Worth Noting: The apartments will continue to be designated for low-income families earning 60 percent of area median income. The properties were built in the 1970s and most recently renovated in 2014, TRD noted.
  • Addresses: The buildings are located at 2111 Southern Boulevard, 800-820 East 180th Street, 1880 and 2000 Valentine Avenue, 1985 Webster Avenue, 2100 Tiebout Avenue, 355-365 East 184th Street and 333 East 181st Street.
  • Financing details: The acquisition price was $166 million, but the buyers assumed $4 million in existing debt. Financing for the deal was provided by New York State Housing Finance Agency (HFA) and Freddie Mac. [TRD]

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