Cammeby’s secures $58M loan for 9-story LES resi building

Loan is for company’s 146-unit property at 10 Stanton Street

TRD New York /
July 19, 2018 10:45 AM

Ruby Schron and 10 Stanton Street (Credit: Apartments)

Cammeby’s International Group has landed a $58.4 million loan for its Lower East Side apartment building at 10 Stanton Street.

The loan comes from Capital One Bank, which assumed the existing $39.5 million loan on the building and provided an $18.9 million gap mortgage, according to property records.

The residential property stands nine stories tall and contains 146 units.

Capital One and Cammeby’s did not immediately respond to requests for comment.

Earlier this year, Taconic Investment Partners received a $260 million loan from Square Mile Capital Management for their Essex Project crossing on the Lower East Side at 202 Broome Street.

Cammeby’s is also working on a massive mixed-use project at 532 Neptune Avenue, which would be the highest building in Coney Island at 40 stories tall. The project also includes a seven-story building at 626 Neptune Avenue for office and retail.

The family firm, led by Ruby Schron and his sons, came in at no. 10 on The Real Deal‘s March list of Brooklyn’s most active developers by square footage.


Related Article

arrow_forward_ios
(Illustration by Carl Wiens)

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook, iStock)

Freed by Dodd-Frank, NYCB is on the hunt for M&A deals

Lightstone Group Chairman and CEO David Lichtenstein and the Tel Aviv Stock Exchange (Credit: Lightstone and iStock)

Lightstone becomes third NYC developer in a week to plan new Tel Aviv bond issuance, targeting $73M

Crowdfunding platform launches $20M Opportunity Zone fund

arrow_forward_ios