BFC Partners Secures Major Funding for Affordable Housing Project
BFC Partners Completes Funding for Significant Housing Development
BFC Partners has recently concluded a significant construction loan for their project at 1709 Surf Avenue, marking a new leap in the development of affordable housing. This project is a vital part of a larger initiative that aims to offer 420 affordable residential units, contributing to the transformation of the Coney Island area.
Impact on Affordable Housing in the Community
With this latest addition, BFC Partners will surpass a remarkable total of 1,200 affordable homes developed in the community. The comprehensive investment for all phases of this project will be approximately $693 million. By revitalizing underutilized areas, BFC is addressing pressing housing issues, ultimately enriching the lives of many.
Collaboration with City Entities
The construction phase at 1709 Surf Avenue represents a collaborative effort that includes partnerships with several local organizations. Key players such as the New York City Department of Housing Preservation and Development (HPD), the New York City Housing Development Corporation (HDC), and Citi have all joined forces to facilitate this significant endeavor. The total development cost for this particular phase is estimated at over $250 million, with construction expected to be finalized in the upcoming years.
Leadership Insights on the Project
Joseph Ferrara, a Principal at BFC Partners, expressed pride in reaching this milestone. He emphasized the importance of investing in this vibrant community, acknowledging the support from city partners and Citi. He stated, "Together, we're laying down the groundwork for lasting affordable options and creating opportunities that make a real difference in people's lives."
Transforming Spaces Into Homes
BFC Partners has effectively turned previously underused lands into thriving residential locales. This transformation is pivotal as it aligns with the city's vision of increasing access to affordable housing options.
Strategic Location and Accessibility
The project's advantageous location is near the Stillwell Avenue subway station, providing residents with seamless access to various parts of the city. This is instrumental in supporting the city's initiatives for more sustainable development concentrated around transit systems.
Quotes Highlighting Community Commitment
Each voice involved in this project echoes a commitment to creating stable, affordable living spaces for New Yorkers. Ahmed Tigani, Acting HPD Commissioner, commented on the urgency of housing needs and the role this project plays in fulfilling those requirements. He noted, "By closing on this project, we are not just marking progress but igniting momentum for future developments."
Richard Gerwitz from Citi reaffirmed this sentiment, stating, "Citi Community Capital is proud to support this initiative aiming to boost the supply of essential affordable housing. It highlights our commitment to aiding communities in need."
Ongoing Projects and Future Plans
Besides this initiative, BFC Partners is also making strides in other areas. The second phase of their Coney Island projects, located at 1607 Surf Avenue, recently hit completion in the previous year, boasting nearly full occupancy of its 376 units. The first phase, completed a couple of years earlier, has its 446 units fully occupied as well.
On Staten Island, BFC Partners is working closely with NYCHA to improve West Brighton Houses under the PACT program, nearing 50% completion. Additionally, the grand opening of The Pearl, a 269-unit fully affordable residence aimed at helping formerly unhoused older adults, highlights their commitment to community upliftment.
Dedication to Quality and Community Strengthening
Win Wharton, also a Principal at BFC Partners, reiterated their commitment to high-quality development that strengthens neighborhoods. He expressed that these projects serve as a reminder of the significant role of new builds in enhancing community stability.
Frequently Asked Questions
What is the goal of the 1709 Surf Avenue project?
The project aims to provide 420 new affordable housing units as part of a broader effort to enhance living conditions in Coney Island.
Who are the partners involved in the funding?
BFC Partners collaborated with the New York City HPD, HDC, and Citi to secure funding and support for the construction.
What has been the total investment in the project?
The cumulative investment across all development phases of this project amounts to approximately $693 million.
When is the expected completion of the construction?
The construction for this phase is scheduled to conclude in 2028.
How many affordable units has BFC Partners developed overall?
With the completion of this new phase, BFC Partners will have developed over 1,200 affordable homes in the area.
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