Popular Bank Provides $74.75M Construction Loan For Development Site In Coney Island

The development site located at 2971 Shell Road in Coney Island has recently secured a construction loan from Popular Bank. The loan, granted on September 30, 2022, amounts to $74,750,000. The property, owned by 2971 Shell Road Qoz LLC and represented by Elie Fouerti, offers a building square footage (BSF) of 172,867. Travis Schelhorn from Popular Bank oversaw the loan process.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $74,750,000
• Address: 2971 Shell Road
• Market: Coney Island
• Asset Type: Development Site
• BSF: 172,867

The loan, provided by Popular Bank, marks a significant step in the development of the property. Travis Schelhorn from Popular Bank and Elie Fouerti from 2971 Shell Road Qoz LLC played crucial roles in facilitating the loan process. Together, they ensured the successful acquisition of funds for the construction project at 2971 Shell Road in Coney Island.