The Carlton Group announced that managing director Ruth Barone has arranged $47.5 million in financing for RYBAK Development to support construction of a new residential development at 271 Sea Breeze Avenue in Coney Island.
Sea Breeze Tower will be a modernist limestone and glass building, rising 20 stories over the shoreline.
Carlton secured the financing through a private lender. The terms were not disclosed.
With construction financing in place, RYBAK Development, a Brooklyn-based real estate and construction firm, will continue to move forward on the rental development with parking.
Positioned to offer an urban lifestyle on a beachfront setting, the property will feature a mix of studios, one, two and three bedroom apartments with 11 ft. ceilings, many with balconies and ocean views.
“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 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 has a 421A Tax Abatement.