Bank Leumi provided the debt
Sergey Rybak’s Rybak Development has secured $47.5 million in construction financing from Bank Leumi for his planned mixed-use property at 271 Sea Breeze Avenue in Coney Island, according to TRD. Upon completion, the project will span 180,000 SF, and contain 114 apartments (30 percent will be stabilized). There will also be around 27,000 SF of ground-floor commercial space.
Flashback: Rybak paid $13.5 million for the site in June after Chaim Miller defaulted.