Bank of America Lends $130M on Coney Island Resi Construction Project [Updated]

reprints


Red Apple Group has sealed a $130 million Bank of America mortgage for construction at its residential development at 3514 Surf Avenue in Coney Island, according to property records.

SEE ALSO: Law Firm Blank Rome Leaving Chrysler Building for 138K SF in Midtown

In addition to the construction loan, John Catsimatidis, Red Apple’s chief, expects Santander to participate in a potential syndicate.

Signature [Bank] has also come in to provide a bridge loan to EB-5 money,” Catsimatidis said, referring to funding provided by foreigners hoping to score U.S. visas based on their investments.

Plans call for a 21-story tower totaling more 311 residential units. Including ground-floor retail space, the building will offer more than 432,000 square feet over a full-block footprint.

The building site is less than a mile west of Coney Island’s amusement parks and the New York Aquarium, and the property directly abuts the beach. The Coney Island-Stillwell Avenue subway terminal is a 20-minute walk away.

Hill West Architects is the firm behind the design, first revealed by New York Yimby last November. The building will also feature a a garage for 254 cars. No completion date has been announced.

Representatives for Bank of America did not immediately respond to inquiries.

Update: This article was amended to correct that Signature Bank, not Citizens Bank, is the source of a bridge loan.