CAMBA Inc Acquires Development Site In Bedford Park From Peter Fine For $16.5M

A development site located at 270 E. 203rd St. & 261 E. 202nd St. in Bedford Park has been recently sold. The property spans a lot size of 200 ft x 200 ft and is designated for affordable and supportive housing. The sale transaction was completed on 12/17/2020, with a sale price of $16,502,357.

Summary of transaction details:

• Property Type: Development site
• Transaction Amount: $16,502,357
• Address: 270 E. 203rd St. & 261 E. 202nd St.
• Market: Bedford Park

Joanne M. Oplustil, representing @CAMBAInc, served as the buyer and borrower in this transaction. The seller of the property was Peter Fine. The loan for this sale was provided by @NYCHousing Financing Agency, @NYCGOV, and @NYSHCR, amounting to $159,771,528.

The development plans for this site aim to provide affordable and supportive housing. Two 11-story buildings are set to be constructed, offering a total of 323 homes. These homes will cater specifically to families, households experiencing homelessness, and seniors in need of supportive services. The project is expected to be completed in 2023.

The unit breakdown of the development site includes 194 units dedicated to providing supportive services for seniors, veterans, and individuals and families experiencing homelessness and living with mental illness. Additionally, 129 units are allocated for families with incomes ranging between 30 and 80 percent of the Area Median Income.