Developers of one of Brooklyn’s largest residential developments are turning the page with fresh construction financing.
Rubie Schron’s Cammeby’s International Group and Rybak Development landed $252 million in financing for a mixed-use project at 532 Neptune Avenue in Coney Island, the Commercial Observer reported. Valley National Bank led a total of four lenders involved in the deal.
A Meridian Capital Group team including Ronnie Levine and Scott Miller arranged the transaction. Another broker on the team did not immediately respond to a request for comment from The Real Deal regarding the other lenders’ identities.
The ground-up project is a massive three-building development set to deliver 499 units to South Brooklyn, including 150 units of affordable housing. There will be 40,000 square feet of commercial space, 20,000 square feet of community space and residential amenities including a pool, indoor basketball court, yoga studio, outdoor running track, fitness center and golf simulator.
The project is a critical part of Cammeby’s push to become a ground-up developer. It faced a big obstacle last year, however, when a nearby co-op and its property manager filed a lawsuit.
Trump Village Section Four filed a lawsuit against the developer’s joint venture, alleging the project lacked proper zoning. Some residents of the co-op are upset the project will block their Manhattan skyline views.
The co-op and the developers have been going back and forth in lawsuits since 2017. Work on the project is already underway, though, and the foundation footing is in, qualifying the project for the 421a tax abatement; construction will need to be completed by June 2026 to keep the tax break.
The Real Deal did not immediately hear back from the lawyer representing Trump Village in the most recent lawsuit.
Cammeby’s purchased the site of the development as part of a 6,000-unit buy from the Trump family in 2003 for about $700 million.
Elsewhere in Coney Island’s multifamily market, Tredway recently paid $150 million to buy the Sea Park Apartments on West 30th Street from Arker Companies. The affordable housing developer plans on investing $25 million into the complex and making sure all 816 units are affordable for decades to come.
— Holden Walter-Warner
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