BFC Partners Secures $250M Loan for Affordable Housing at Coney Island's Surf Avenue

Transforming Coney Island Through Affordable Housing

In a significant milestone for Coney Island, BFC Partners has successfully secured a $250 million construction loan for their innovative project at 1709 Surf Avenue. This development represents the third phase of a comprehensive initiative designed to revitalize and support the community through affordable housing.

The project, which will introduce 420 new residential units, marks a major advancement in BFC's commitment to creating livable and affordable housing options in the seaside neighborhood. With this latest addition, BFC Partners' portfolio will surpass a total of 1,242 newly developed affordable homes in Coney Island, contributing to a broader $693 million investment aimed at uplifting the region.

The collaboration with essential city departments such as the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Development Corporation (HDC) has been instrumental. Citi, as a crucial financial partner, has also played a vital role in making this vision a reality. Construction is slated for completion in 2028, promising a bright future for Coney Island’s housing landscape.

A Vision for the Future

Joseph Ferrara, a principal at BFC Partners, expressed his enthusiasm about the development, stating that this project not only signifies a pivotal achievement for the team but also emphasizes their dedication to investing in the community's future. Ferrara noted the importance of this development as a means of fostering lasting affordability, opportunity, and impact in Coney Island—an area rich in cultural history and significance.

The strategic location of the new housing units, near the Stillwell Avenue subway station, ensures that residents will enjoy excellent connectivity to the entire New York City transit system. This accessibility aligns with BFC’s objective to encourage transit-oriented development and give residents easy access to the bustling city around them.