Camber Property Group Closes $845M Deal to Take Over Brooklyn’s Linden Plaza

Camber Property Group has closed on a massive deal to take over a large multifamily complex in East New York, Brooklyn, that tenants have said was in a state of disrepair, Commercial Observer has learned.

Camber has purchased the 11-building, 1,527-unit Linden Plaza apartment complex from Linden Plaza Preservation, an entity managed by RY Management, for nearly $1 billion, the developer said. The deal closed just before the new year.

“This was a historic transaction and one of the largest multifamily transactions,” Rick Gropper, founding principal at Camber, told CO. “This transaction allows all of the stakeholders in a public-private partnership to make real improvements to benefit the residents’ quality of life.”

The project has a total development cost of approximately $845 million, funded through financing from J.P. Morgan Chase, Merchants Capital, the New York City Housing Development Corporation (HDC), the New York City Department of Housing Preservation and Development (HPD) and Freddie Mac loans, the firm said.

No brokers were involved in the deal. A spokesperson for J.P. Morgan declined to comment, while spokespeople for HPD, HDC, Merchants Capital and RY Management did not immediately respond to requests for comment.

Located at 675 Lincoln Avenue southwest of Robert E. Venable Park, Linden Plaza was built in 1971 over a nine-block railyard using development rights from the Metropolitan Transportation Authority, according to Gropper.

But residents of the apartment complex reported dangerous living conditions in recent years, saying their apartments had mold, caving-in ceilings and leaky pipes. Despite repeated complaints, residents told News 12 that repairs were never made. 

Camber is now planning to complete $400 million worth of improvements at the building, including new kitchens, bathrooms, common areas and HVAC upgrades.

Housing Opportunities Unlimited will assist residents looking for temporary relocation as their apartments are renovated, Camber said.

Camber and its partners also plan to bring “critical social services” to the property to support tenants, including mental health counseling, job training and financial literacy assistance, according to the developer.

“This [project] will allow us to provide critical services to the residents, as well as restore amenity spaces that they haven’t been able to use in many years and create a place they’re proud to call home,” Gropper said.

Isabelle Durso can be reached at idurso@commercialobserver.com.