The loan comes from Capital One Bank, which assumed the existing $39.5 million loan on the building and provided an $18.9 million gap mortgage, according to property records.
The residential property stands nine stories tall and contains 146 units.
Capital One and Cammeby’s did not immediately respond to requests for comment.
Cammeby’s is also working on a massive mixed-use project at 532 Neptune Avenue, which would be the highest building in Coney Island at 40 stories tall. The project also includes a seven-story building at 626 Neptune Avenue for office and retail.