Harlem River of the Bronx and Manhattan in New York City.
NEW YORK CITY – A joint venture between LIHC Investment Group, Belveron Partners and Camber Property Group have acquired an eight-building assemblage, dubbed the Bronx Park portfolio for $170 million. The properties were purchased from Cammeby's International Group for $166 million in addition to their existing debt.
Properties include three phases, totaling 1,275 units. Phase one includes 408 units and eight commercial spaces located at 2111 Southern Blvd. and 800-820 E 180th St., phase two includes 536 units at 1880 Valentine Ave., 2000 Valentine Ave., 1985 Webster Ave., and 2100 Tiebout Ave., phase three consists of 331 units and two commercial spaces at 355-365 E 184th St. and 333 E 181st St.
New York State Housing Finance Agency and Freddie Mac loans serviced by Citibank, N.A. and JLL Capital Markets financed the acquisition of the portfolio for the eight buildings constructed in the 1970s and that were fully rehabbed in 2014. The units are affordable to low-income families earning 60 percent of area median income, many of which benefit from a Section 8 contract.
Acquiring the buildings are a part of a long term plan to improve the buildings and hold them within the portfolio because of the strident demand for the property type amid the city's affordable housing crisis.
"Assembling this portfolio with like-minded, mission-driven owners is a tremendous step toward preserving even more homes for working families in the Bronx," said Andrew Gendron, principal of LIHC Investment Group, in a prepared statement. "We want to thank all of our partners, both public and private, for supporting, preserving and expanding safe and affordable housing opportunities across the city."
The Bronx Park properties are Mitchell-Lama buildings; a non-subsidy program providing housing across New York State that is affordable to the middle class. "Affordable housing like this is part of the critical infrastructure of any healthy city," said Louis A. Harrison, partner at Belveron Partners, in a prepared statement.
Mitchell-Lama housing is some of the most at-risk housing in the city, with some owners choosing to convert properties to market-rate when able to opt-out of regulation. This ownership group is a significant owner of Mitchell-Lama housing across the City and is committed to preserving it for the long term as affordable housing.
"We're proud to add Bronx Park to our growing portfolio of affordable housing throughout the City," said Rick Gropper, co-founder and principal of Camber Property Group. "Thanks to our public and private partners for sharing our commitment to protecting these 1,275 units for the families that need them."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
