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Acquisitions

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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