Rybak Development signs $61.5M refi with MF1 Capital for property in Coney Island

Rybak Development through the entity 271 Sea Breeze Development LLC as borrower signed a refinance loan with lender MF1 Capital valued at $61.5 million for three properties including the 114-unit bulk condos (BS) at 271 Sea Breeze Avenue in Coney Island, Brooklyn, industrial (CR) at 271 Sea Breeze Avenue in Coney Island, Brooklyn, and hotel (PS) at 271 Sea Breeze Avenue in Coney Island, Brooklyn.

The Commercial Observer reported on the refinance last month.
The deal closed on August 5, 2021 and was recorded on August 31, 2021.
The three properties have 137,349 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $404 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Rybak Development was Sergey Rybak.
(301677460)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 115 residential units on December 18, 2020.
Sergey Rybak is the CEO of Rybak Development.
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