Camber Property Group has taken a big step forward on a $1 billion development that will bring new affordable housing units to New York City.
The firm announced that it has closed on $125.5 million in financing for the first phases of its Stevenson Square development in the Bronx.
The $76 million development of Building 4 will create a six-story building with 117 studio apartments for seniors, and the $49.5 million development of Buildings 5 and 6 will create 58 units of affordable homeownership units in partnership with Habitat for Humanity.
Construction on these projects will begin in January, with an anticipated completion in January 2026. Future phases will include approximately 525 additional units.
Stevenson Square is being built on underutilized land attached to Stevenson Commons, a 948-unit HPD Mitchell Lama complex. When all phases of Stevenson Square are complete, the development will consist of nearly 1,000 new affordable units, 30,000 square feet of community facility space, a walking path, a sensory playground, and outdoor landscaped recreation space.
“There’s such a desperate need for affordable housing in our city that we can leave no stone unturned, and Stevenson Square is a prime example of how we can turn underutilized land into new affordable housing. We worked with our partners at the city to first preserve and upgrade the existing 948 affordable apartments and then embarked on a master plan to create a truly mixed-income, mixed-use campus.,” said Rick Gropper, principal at Camber Property Group. “The first phases of Stevenson Square will address some of the most critical affordable housing needs facing the city today: senior housing and affordable homeownership. Both types of housing provide upward mobility by reducing the ever-increasing housing burden faced by New Yorkers today.”
The first two phases of Stevenson Square are being supported by several financing sources, including funds from the New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corp., New York State Homes and Community Renewal, New York City Council member Amanda Farias, Bronx borough president Vanessa L. Gibson, Bank of New York Mellon, Citibank, Hudson Housing Capital, and Freddie Mac.
Building 4 is being developed in partnership with nonprofit Regional Aid for Interim Needs (RAIN), a Bronx-based multi-service agency focused on providing a continuum of care for seniors. Services provided by RAIN will include assessments, counseling, referrals, and advocacy for residents. Additionally, full-time staff will organize recreational, social, and educational activities and trips for residents.
Designed by WXY, the building will promote health and well-being by integrating aging in place and active design guidelines in all units and throughout the common elements of the building. Features will include grab bars, roll-in showers, and memory assistance cues, such as distinctive hallway and door colors. Additionally, there will be six units dedicated for individuals who are mobility impaired and three units for individuals who are hearing or visually impaired.
The new building will include approximately 5,000 square feet of programmed residential amenity space located at the ground floor and rooftop of the building. Additional amenities will include on-site security and social service staff, a community room, a gym, a fourth-floor roof terrace, a ground-level patio, and a laundry room. Residential parking will be located at grade in the rear of the building.
Building 4 also incorporates the latest sustainability standards by both complying with Enterprise Green Community standards and by utilizing Energy Star components and solar panels to offset energy consumption. The building will contain 5G wireless and fiber internet to offer residents internet service in their apartments and common areas. Additionally, free Wi-Fi will be provided in all common areas of the building.
The project will be financed using a $40 million construction loan provided by Bank of New York Mellon, nearly $20 million of subsidy from HPD, as well as $25 million of equity from Hudson Housing Capital and Bank of New York Mellon generated in connection with the sale of low-income housing tax credits. Freddie Mac, serviced by M&T Bank, has provided a forward commitment for the takeout of the construction loan.
Buildings 5 and 6, also designed by WXY, involve the construction of a 22,750-square-foot, four-story building with 16 homeownership apartments and a neighboring 46,650-square-foot, four-story building with 42 homeownership apartments. Together, the proposed buildings will include 11 one-, 31 two-, and 16 three-bedroom units. Units will be priced and available to households earning between 70% and 80% of the area median income. This makes the average sales price $174,000 for a one-bedroom apartment, $207,000 for a two-bedroom, and $237,000 for a three bedroom. The buildings will include dishwashers, in-unit washers and dryers, landscaped front and rear yards, and bike storage.
The project will be financed with a construction loan of nearly $10 million from Bellwether Enterprise as well as subsidy from HPD and HCR totaling approximately $30 million in the aggregate. Financing also includes nearly $4 million in Reso A City Capital contributed by Farias and the Bronx borough president.
