Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Debt replaces $325M financing package from 2006

TRD NEW YORK /
Sep.September 26, 2019 07:04 PM
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Cammeby’s International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron’s Cammeby’s International Group scored a $500 million Fannie Mae loan for its nearly 3,300-unit megacomplex in Queens, according to property records.

Capital One provided the refinancing, which includes a nearly $190 million multifamily mortgage. It covers hundreds of low-rise buildings and a vacant plot of land, stretched across eight tax lots surrounding the Long Island Expressway, city records show. The new financing replaced a $325 million debt package through Independence Community Bank from 2006.

Representatives for Schron and Capital One could not immediately be reached for comment.

Cammeby’s in 2001 bought out its partners in the complex, according to a Commercial Real Estate Direct report at the time.

Cammeby’s earlier this year landed a $135 million refinancing for a Brighton Beach apartment complex built by President Donald Trump’s father, Fred Trump. Capital One again provided the financing for that deal.


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