The Real Deal New York

Camber lands $79M in financing for Harlem affordable housing building

Development is known as Victory Plaza and will include 136 units
By Eddie Small | January 04, 2019 05:00PM

Victory Plaza at 11 West 118th Street

Harlem’s Victory One senior-housing building is about to get a neighbor.

Camber Property Group and its partner Harlem Congregations for Community Improvement closed on roughly $79 million in financing for its Victory Plaza affordable housing project in the neighborhood, according to the company and property records.

Wells Fargo is financing the project along with the city’s Housing Development Corporation and the Department of Housing Preservation and Development. HDC and HPD are both contributing about $7 million in subsidies, and HDC is also contributing roughly $39 million in bonds. Wells Fargo is putting up $26 million in equity from selling low income housing tax credits and a $39 million letter of credit.

Camber is developing Victory Plaza with HCCI and the city. The nine-story, 136-unit building will be located at 11 West 118th Street and include 41 units that will be reserved for formerly homeless seniors.

It should be finished in December 2020 and will be adjacent to Victory One, a senior building that HCCI developed in the late 1990s.

Camber principal Rick Gropper said in a statement that the project will include “on-site social services and curated indoor and outdoor amenity space” and allow residents to “live in comfort without concern about rent burden.”

Camber has been very active over the past few months, along with its frequent collaborator Belveron Partners. The two firms recently purchased an 11-building portfolio in the Bronx for $75 million and a trio of buildings in northern Manhattan for $60 million.