Valley National Bank Provides $25.8M Construction Loan For Midwood Multifamily

Located in the Midwood neighborhood, the multifamily property at 1769 Coney Island Avenue has recently undergone a closed transaction. The property, spanning approximately 58,200 square feet, has attracted attention from various parties.

Summary of transaction details

• Property Type: Multifamily
• Transaction Date: 05/25/2022
• Address: 1769 Coney Island Avenue, Midwood
• Asset Type: Multifamily - BSF: 58,200

Valley National Bank provided a construction loan of $25,800,000 for this property transaction. Lay Assets serves as the landlord of the property, overseeing its management and operations.

The loan has been utilized for the development and construction of this multifamily property, which comprises a total of 75 units. With this loan, the project is set to be completed, meeting the growing demand for housing in the area.