Camber, Westhab Land $46M in Financing for Bronx Supportive Housing Project
By Mack Burke January 2, 2020 8:45 am
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As part of an effort to help tackle New York’s affordable housing shortage, Camber Property Group and affordable housing nonprofit Westhab have sealed over $46 million in financing for a planned affordable and supportive housing rental development at 913 East Tremont Avenue in the West Farms neighborhood in the Bronx, Commercial Observer has learned.
The pair secured a $17.7 million as-of-right equity investment from Wells Fargo (WFC) via the sale of low-income housing tax credits (LIHTC) and also received a combined $28.4 million in public debt subsidies from the New York State Housing Finance Agency (HFA) and the New York State Homes and Community Renewal, sources told CO. City records show a package of debt financing from HFA, totaling just under $46.2 million, across three separate mortgages.
The $50 million project — designed by Aufgang Architects and located between Honeywell Avenue and Daly Avenue — will stand 11 stories tall and will comprise 119 rental units and 6,500 square feet of rentable commercial space, sources said. SD Builders has been tapped to construct the building.
Sixty percent of the asset will feature apartments for residents who had previously been homeless, with the rest being reserved as affordable units. The property will have “wraparound supportive services” for the formerly homeless, sources said.
Rick Gropper, a co-founder and principal of Camber Property Group, said in a prepared statement that “housing formerly homeless New Yorkers is of the utmost importance to our firm and we are thrilled to partner with Westhab, NYS Homes and Community Renewal and Wells Fargo to deliver a high quality product with comprehensive supportive services.” He added that the company is planning to welcome residents in late 2021.
The development will have a landscaped, garden entrance and outdoor recreational space as well as a 1,300-square-foot “community room” included alongside the in-house supportive services operated by Westhab, a housing and social services nonprofit that primarily services Westchester County.
