Rybak Development Secures $11.9 Million Loan For Forest Hills Luxury Condo Project - Valley National Bank Is Lender

A $11.9 million land acquisition loan has been secured for a development site in Forest Hills, NY. The site, located at 11133 78th Ave., spans 0.75 acres and has a total area of approximately 131,000 square feet. The planned development will consist of 97 luxury condominium units.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $11,900,000
• Address: 11133 78th Ave., Forest Hills
• Market: Forest Hills
• Total Square Footage: 131,000
• Total Acres: 0.75
• Total Units: 97

The loan is provided by Valley National Bank, while the developer of the project is Sergey Rybak, who can be found on LinkedIn at https://www.linkedin.com/in/sergey-rybak-460166133/. Representing the parties involved in the deal are Bob Tonnessen, Aaron Niedermayer, and Lauren Mezzanotte from JLL, whose LinkedIn profiles can be found at the following links:

• Bob Tonnessen: https://www.linkedin.com/in/robert-tonnessen-76686841/
• Aaron Niedermayer: https://www.linkedin.com/in/aaron-niedermayer-8415913/
• Lauren Mezzanotte: https://www.linkedin.com/in/lauren-mezzanotte-949356158/

This loan, amounting to $11.9 million, is specifically designated for the acquisition of the land for the development of the luxury condominium project in Forest Hills. The project, spearheaded by Rybak Development, will create 97 upscale residential units on the 0.75-acre site.