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Financing

Red Apple Group lands $130M for Coney Island project

Bank of America provided the debt

Rendering of 3514 Surf Avenue (Credit: Red Apple Group)

John Catsimatidis’ Red Apple Group has secured $130 million in construction financing from Bank of America for its development project at 3514 Surf Avenue, CO reported.

Project Details: Upon completion, the Coney Island site will consist of 425 apartments across three buildings (432,000 Square Feet). There will also be ground-floor retail, plus 300 parking spaces constructed as part of the project.

Worth Noting: Signature Bank also provided a bridge loan to the $50 million Catsimatidis hopes to secure through the EB-5 visa program.

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