**BFC Partners Secures Construction Loan for Final Phase of Coney Island Development**
BFC Partners announced the closing of a construction loan for 1709 Surf Avenue, marking the third and final phase of its expansive three-building development along Surf Avenue in Coney Island. The final phase will add 420 affordable residential units to the neighborhood, bringing the total to 1,242 units across all phases. The full development represents an investment of approximately $693.6 million.
The development cost for this final phase alone exceeds $250 million. Key partners supporting the project include the New York City Department of Housing Preservation & Development, the New York City Housing Development Corporation, and Citi. Construction on this phase is anticipated to be completed by 2028.
“We are proud to continue investing in the future of this vibrant community and are especially grateful to our city partners and to Citi for their unwavering support and collaboration,” said Joseph Ferrara, Principal at BFC Partners. “Together, we’re building lasting affordability, opportunity, and impact for Coney Island.”
