Rybak Development Secures $71M Construction Loan For Residential Condos In Forest Hills, Queens

111-17 78th Avenue

$71,000,000

$333/SF

Building Size

213,009 SF

Asset Type

Condo

Closing

Dec 18, 2023

AI

The residential condos located at 111-17 78th Avenue in Forest Hills, Queens have been involved in a closed transaction. The property spans approximately 213,009 square feet and comprises a total of 98 units. The asset is owned by Sergey Rybak and Andrei Shavrin of Rybak Development.

Summary of transaction details

Property Type: Residential Condos
Transaction Amount: $71,000,000
Lender: Valley Bank
Landlord: Sergey Rybak & Andrei Shavrin - Rybak Development
Brokers: Robert Tonnessen & Aaron Niedermayer - JLL
Loan Type: Construction

The loan amount for this transaction is $71,000,000 and it has been provided by Valley Bank. The property owner, Sergey Rybak and Andrei Shavrin, are represented by Robert Tonnessen and Aaron Niedermayer from the JLL agency.

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