RYBAK Development has secured $47.5 million in construction financing for Sea Breeze Tower, a 20-story residential project in Brooklyn’s Coney Island neighborhood. The Carlton Group Ltd.’s Managing Director Ruth Barone arranged the loan through a private lender. The development is complemented by a 421A Affordable Tax Abatement.
Located at 271 Sea Breeze Ave., the limestone and glass building will offer studio, one-, two- and three-bedroom floorplans. Interiors will include 11-foot ceilings, private balconies and ocean views. The project will provide close access to the beach, public parks, restaurants and nearby attractions including the New York Aquarium, the Brooklyn Cyclones at MCU Park and Luna Park. Sea Breeze Tower will also be within close proximity to several subway stations offering an express ride to Manhattan.
“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 Barone, in a prepared statement. “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.”
Rendering courtesy of The Carlton Group Ltd.