Coney Island Mixed-Use Project Lands $252M Loan

Cammeby’s International Group and Rybak Development has secured a $252M financing package for one of the largest residential developments in Coney Island, a 499-unit campus at 532 Neptune Avenue.

Valley National Bank and three other lenders provided the financing in a deal arranged by Meridian Capital Group.

The three-building, ground-up project will provide 499 apartments, including 150 units of affordable housing. The development will include 40K SF of commercial space, 20K SF of community space and amenities including a pool, indoor basketball court, yoga studio and a golf simulator.