The Real Deal New York

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

Loan is for company’s 146-unit property at 10 Stanton Street
By Eddie Small | July 19, 2018 10:45AM

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.