Camber Property Group + Settlement Housing Fund (SHF) have acquired the Brookhaven Apartments in Mott Haven from Omni New York for $29.5 million, according to property records. The affordable housing complex has four buildings, and consists of 95 units under the Section 8 program. It also contains retail units spread across Brown Place, East 137th Street, and Brook Avenue, CO noted.
- Acquisition financing: The buyers secured a $23.1 million loan from Merchants Capital to close the deal.
- Dig Deeper Camber and SHF plan to extend the affordability of the apartment complex and start a capital improvement project for the property. Camber has now closed on $250 million in new deals since the start of the year.
- Heard on the Street: Camber’s Rick Gropper: “New York’s recovery from the COVID-19 pandemic will require a renewed commitment to creating and protecting affordable homes across the region. Our investment at the Brookhaven Apartments, and the volume of transactions completed this year alone, exemplifies our dedication to this goal and to the city as a whole.” [CO]