Updated Oct 13, 2026
Rybak Development Secures $71M Construction Loan From Valley National Bank For The Austin Condominiums In Forest Hills, Queens
78 Austin Street & 29 Austin Street
$71,000,000
Units
98
Asset Type
Development Site
Closing
Jan 10, 2024
About this deal
AI
Rybak Development has secured $71 million in construction financing from Valley National Bank for its upcoming 98-unit condominium project, The Austin. The development site is located at 78-29 Austin Street in Forest Hills, Queens.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $71,000,000
- Lender: Valley National Bank
- Landlord: Sergey Rybak - Rybak Development
- Brokers: Aaron Niedermayer & Robert Tonnessen - JLL
The loan was secured by Rybak Development for the construction of The Austin, a 98-unit condominium project. Sergey Rybak, the landlord and developer, has partnered with Valley National Bank for financing. The brokers, Aaron Niedermayer and Robert Tonnessen from JLL, facilitated the loan transaction.
On the Map
$71,000,000
Development Site
View full map
Players
Forest Hills Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Browse Forest Hills development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93