BFC Partners Secures $250M Loan for Coney Island Housing
BFC Partners Secures a Significant Loan for Housing Development
BFC Partners is thrilled to announce the successful closure of a $250 million construction loan for their development at 1709 Surf Avenue. This project stands as the last piece of a larger initiative involving three buildings along Surf Avenue, which promise to revitalize the area’s housing landscape.
Commitment to Affordable Housing
With the addition of 420 affordable units through this project, BFC Partners has effectively expanded their impact on community housing to over 1,200 affordable homes. This initiative is particularly significant as it meets the pressing need for affordable residences in urban environments while fostering economic growth.
Investment in Community
This phase of development represents a total investment of $693 million across all projects, marking a crucial step in BFC Partner's commitment to building vibrant communities. The collaboration involves the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corporation (HDC), and Citi.
Transformational Changes at Coney Island
The new development will replace a previously underutilized parking lot, demonstrating an innovative use of land that promotes urban density and sustainability. Joseph Ferrara, Principal at BFC Partners, expressed pride in this venture, noting it as a major milestone for Coney Island.
Supporting the Local Economy
Residents at the new development will enjoy direct access to public transportation routes, creating connections to the broader city and enhancing commute options. This aligns with BFC Partners' strategy of supporting transit-oriented development in New York City.
Collaboration with City Partners
The efforts to close this financing round are part of a larger vision to ensure that every New Yorker has a stable and affordable housing option. Ahmed Tigani, Acting HPD Commissioner, emphasized that this new project is about more than just housing; it represents economic momentum and a commitment to community welfare.
Broader Housing Initiatives
BFC Partners is also engaged in other housing projects across the city, including ongoing developments on Staten Island where they are transforming existing properties into modern residences. Their focus on improving community quality of life remains steadfast.
Conclusion: Building for the Future
BFC Partners continues to lead the charge in creating high-quality affordable housing options. Their developments not only offer homes but also enliven the communities by investing in urban real estate and infrastructure.
Frequently Asked Questions
What is the purpose of the loan secured by BFC Partners?
The $250 million loan is secured for the construction of 420 affordable housing units in Coney Island, which forms part of a larger development plan.
How many affordable homes has BFC Partners developed in total?
Including this project, BFC Partners has developed over 1,200 affordable homes, highlighting their significant investment in community housing.
Who are the partners involved in this project?
The project is partnered with the New York City HPD, HDC, and Citi, showcasing a collaborative approach to urban development.
What is the expected completion date for the construction?
The construction of the 1709 Surf Avenue project is slated for completion in 2028.
Where can I find more information about BFC Partners?
For further details about BFC Partners and their community initiatives, you can visit their official website.
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