Valley National Bank Leads $252M Construction Loan for Coney Island Mixed-Use Project
By Andrew Coen July 18, 2023 1:17 pm
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The joint venture partnership between Cammeby’s International Group and Rybak Development has secured $252 million of construction financing for the ground-up development of a mixed-use project at 532 Neptune Avenue on Brooklyn’s Coney Island, Commercial Observer can first report.
A four-lender syndicate led by Valley National Bank supplied the loan for the sponsorship’s development, sources told CO. The other lenders could not be immediately determined.
Meridian Capital Group arranged the transaction with a team led by Ronnie Levine, Scott Miller and AJ Bruno.
The project will consist of two 21-story towers and a third 22-story tower totaling 499 apartments, ranging from studios to three-bedroom units. The property will also feature 40,000 square feet of commercial space and 20,000 square feet of community facility space. Residential amenities will include an Olympic-size swimming pool, an indoor basketball court, a yoga studio, an outdoor running track, tenant lounges, a fitness center and a golf simulator.
The project received a tax abatement prior to the expiration of New York State’s 421a program last year.
Both sponsors bring extensive experience to the Coney Island and nearby Brighton Beach sections of Brooklyn. Cammeby’s developed an office building at 626 Sheepshead Bay Road and a block of retail around the intersection of Neptune Avenue and West Fifth Street. Rykak Development constructed Sea Breeze Tower at 271 Sea Breeze Avenue and is in the process of building properties at 2957 Shell Road and 773 Neptune Avenue.
Levine said 532 Neptune would “set a new standard of living in Coney Island” and “enhance the sponsorships’ already significant contributions to the neighborhood.”
Officials at Valley National, Cammeby’s International and Rybak Development did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
