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Carlton Secures Debt for Coney Island Rental Tower
The Carlton Group’s Ruth Barone has arranged $47.5 million in financing from a private lender on behalf of RYBAK Development. Terms were not disclosed. The financing will support construction of a new residential development at 271 Sea Breeze Ave. in Brooklyn’s Coney Island neighborhood.
“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. RYBAK will continue moving forward on the 20-story rental tower.
“RYBAK Development is a fast-growing firm with extensive knowledge and experience in South Brooklyn,” added Barone. “This process required us to educate lenders on the emerging Coney Island market, while increasing the developer’s access to larger institutional lenders.”
The development is complemented by a 421A Affordable Tax Abatement, and is near multiple subway stations with express lines to Manhattan.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
