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.
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