BFC Partners has closed on a construction loan for 1709 Surf Avenue, the third and final phase of their three-building project along Surf Avenue in Coney Island, Brooklyn. This final phase will deliver 420 new affordable residential units, bringing the total across all phases to 1,242 affordable homes to the seaside community and $693.64 million of investment.
With a total development cost of more than $250 million for 1709 Surf Avenue alone, the New York City Department of Housing Preservation & Development (HPD), the New York City Housing Development Corporation (HDC) and Citi have partnered with BFC toward the completion of this third phase. Construction is scheduled to conclude in 2028.
“Closing on and starting construction of the third and final phase of this transformational development along Surf Avenue in Coney Island marks a major milestone for our team,” said Joseph Ferrara, principal, BFC Partners. “We are proud to continue investing in the future
