Updated Jun 30, 2025
BFC Partners Secures $250M Construction Loan From Citi Community Capital For Coney Island Development
1709 Surf Avenue
$250,000,000
Units
420
Asset Type
Development Site
Closing
Jun 26, 2025
About this deal
AI
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.
On the Map
$250,000,000
Development Site
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Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93