Camber Property Group and Belveron Partners have closed on their acquisition of a $90 million affordable housing portfolio in Flatbush, according to the Commercial Observer. The eight-building portfolio includes 384 units.
- Worth Noting: The transaction preserves all of the units’ affordability for 30 years, and 50 units within the portfolio will have permanent affordability protections. Camber and Belveron are teaming up with the New York City Department of Housing Preservation and Development (NYHPD) to convert the rent stabilized and market-rate portfolio to affordable housing. Additionally, 26 units will be reserved for use by formerly homeless New Yorkers.
- Financing: Merchants Bank of Indiana provided $66 million in acquisition financing in the deal.
- Addresses include: 91 East 18th Street, 95 East 18 Street, 682 Ocean Avenue, 672 Ocean Avenue, 666 Ocean Avenue, 816 Ocean Avenue, 280 East 21st Street, and 221 Linden Boulevard. [CO]