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BFC Partners Secures $250M Construction Loan From Citi Community Capital For Coney Island Development
FINANCED
$250,000,000
New York
See Similar DealsDevelopment Site
Financed 06/26/2025
FINANCED
BFC Partners Secures $250M Construction Loan From Citi Community Capital For Coney Island Development
1709 Surf Avenue
See Similar DealsDevelopment Site
Financed 06/26/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 1709 Surf Avenue in the Coney Island market. The property is designated for affordable housing and will incorporate 420 residential units, along with retail and community space. The loan associated with this property transaction is valued at $250,000,000.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $250,000,000
- Lender: Donald Capoccia & Joseph Ferrara - BFC Partners
- Landlord: Citi Community Capital
- Loan Type: Construction
The key individuals involved in this transaction are Donald Capoccia and Joseph Ferrara, who represent BFC Partners in securing the construction loan from Citi Community Capital to support the completion of Phase III of the Coney Island project.
Players
LENDER
LANDLORD
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$250,000,000.00
Monthly NOI$1,666,666.67
Monthly Debt Service$1,580,170.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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