Bank of America has approved a $130m construction loan for the completion of Red Apple Group’s residential project in Brooklyn’s Coney Island neighborhood.The 425-unit project will consist of three 21-story buildings. Though the loan was led by Bank of America, the package also included money from the Spanish bank Santander. The firm is expecting an additional $50m in financing through the EB-5 visa program. The project, dubbed Ocean Dreams, will cover 432,000 sq ft , including 23,000 sq ft of ground-floor retail.
