Donald Capoccia’s BFC Partners took a big step in building residential development in Jamaica and received a $ 67 million government loan on Wednesday.
Financing includes a fee of about $ 39.7 million and a mortgage on lease, and a mortgage on a $ 27.1 million fee and lease subsidy, according to property records. The project is known as Jamaica Avenue Apartments and builds with BFC New Destiny Housing.
BFC made plans throughout the summer of the project. It will take place on 153-19 Jamaica Boulevard and will be 21 storeys with 139 units, with a housing area of 99,000 square meters and a commercial area of 5,000 square meters. Facilities include a gym, a tenant lounge and a laundry room.
BFC is also developing major projects, including the Staten Island outlet mall Empire Outlets and the controversial Bedford-Union Armory project at Crown Heights.
New Destiny Housing has recently acquired a portion of iStar’s Coney Island development site for $ 10.4 million on Surf Avenue in 2006, which has become part of the Surf Vets Place complex.
Source: The Real Deal
Melike Vodina / realestatecoulisse.com