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

Building Size

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Asset Type

Development Site

Closing

Jan 10, 2024

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.

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