About a week after BFC Partners teamed up with New York City to complete a Coney Island mixed-use affordable housing development, the developer has landed a $250 million loan.
The financing will support the construction of the final and phase three of the development on Surf Avenue. With the entire project supporting 1,242 affordable homes and a $693.64 million total investment, the phase three plans at 1709 Surf Avenue call for 420 of them. Also, the final portion includes roughly 9,700 square feet of community space and 10,700 square feet of commercial space.
Phase three will involve the transformation of a parking lot that was noted by BFC as underutilized, as well as parcels of land previously owned by the city.
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The site stands out for its proximity to the Stillwell Avenue subway station, which can take residents to all areas of NYC, according to BFC.
On the project, the company is working with the New York City Department of Housing Preservation & Development, the New York City Housing Development Corporation and Citi Community Capital.
"Our mission is as clear as it is urgent: to ensure that every New Yorker has a safe, stable, and affordable place to call home. Delivering over 420 new affordable homes on Coney Island is an opportunity to invest in a community with deep roots, to support an area with enduring cultural significance to our City's history and help households citywide have more opportunities to thrive in more places across the five boroughs," Ahmed Tigani, acting commissioner for HPD, said.
"Closing on this project today is not just making progress—we're building momentum, and we thank our partners BFC Partners, HDC, and Citi for making this a possibility."
Construction of phase three is scheduled to be completed in 2028, whereas 446 units in Phase one hit the market in 2021 and 376 units in Phase two were delivered in 2024.
The Brooklyn project continues on BFC's affordable housing efforts in NYC. Currently, it's working on renovating West Brighton Houses in Staten Island, which hosts more than 500 apartments, serving nearly 1,500 residents. BFC is partnering on the project with the city through its Permanent Affordability Commitment Together (PACT) program (along with other partners) to transform West Brighton Houses. As of June 27, the renovation was approaching 50 percent completion. Additionally, in Staten Island, BFC delivered its fully affordable 269-unit community, The Pearl, last year.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
