Rybak Development secures $47.5m for Brooklyn project
Published at: 2018-11-29 16:24 | Author: CIJ USA
Rybak Development secured a $47.5m loan for the construction of a 20-story mixed-use project in Brooklyn’s Coney Island neighborhood. The Carlton Group arranged the loan through a private lender. Plans for Sea Breeze Tower call for 114 rental units and 27,000 sq ft of commercial space. Amenities will include a fitness center, playroom, tenant lounge, outdoor recreation area, bike storage, package room and cold storage. “We were able to identify multiple offers from major commercial real estate banks to support our client with the requested proceeds at a very compelling rate and terms,” said Ruth Barone, managing director of the Carlton Group. “Rybak Development is a fast-growing firm with extensive knowledge and experience in South Brooklyn. This process required us to educate lenders on the emerging Coney Island market while increasing the developer’s access to larger institutional lenders.” The 21,720 sq ft site the project will go up on was purchased for $13.5m, which was complemented by a 421A Affordable Tax Abatement.
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