Ladder Capital Provides $49M Refi for Queens Multifamily Building

Camber Property Group, a New York City affordable housing developer, has secured $48.5 million to refinance the Strand, a Class A, 132-unit multifamily property that opened in 2020 in Queens’ Ridgewood neighborhood, Commercial Observer has learned. 

Ladder Capital provided the debt, while a Walker & Dunlop New York capital markets team of Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, Dustin Stolly, Sean Reimer, Michael Ianno and Jason Schwartzberg arranged the financing. 

Located at 176 Woodward Avenue in Queens, the Strand stands four stories tall and includes units ranging from studios to three-bedrooms. The building includes 64 on-site parking spaces and a pair of retail tenants on a property that spans roughly 101,000 gross square feet. 

The building was financed using a 35-year tax abatement under the now-expired 421a affordable housing financing program initiated by New York State that requires a significant percentage (usually 30 percent) of units in buildings financed under its plan to remain affordable. The tax abatement on the property is expected to expire in 2056. 

Camber Property and Ladder Capital did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commerciaobserver.com.