Jamaica resi project lands $67M in loans

Complex from BFC Partners and New Destiny Housing is known as Jamaica Avenue Apartments

Jan.January 02, 2019 06:00 PM

A rendering of 153-19 Jamaica Avenue in Queens (Credit: BFC Partners)

Donald Capoccia’s BFC Partners took a big step forward in constructing its ground-up residential development in Jamaica, scoring about $67 million in state loans on Wednesday.

The financing includes a fee and leasehold mortgage for about $39.7 million and a fee and leasehold subsidy mortgage for about $27.1 million, according to property records. The project is known as Jamaica Avenue Apartments, and BFC is constructing it with New Destiny Housing.

BFC filed plans for the project over the summer. It will be located at 153-19 Jamaica Avenue and stand 21 stories tall with 139 units across about 104,000 square feet, split between 99,000 square feet of residential space and 5,000 square feet of commercial space. Amenities should include a gym, tenant lounge and laundry room.

BFC is also developing major projects including the Staten Island outlet mall Empire Outlets and the controversial Bedford-Union Armory project in Crown Heights.

New Destiny Housing recently purchased iStar’s portion of a Coney Island development site at 2006 Surf Avenue for $10.4 million, which is part of the Surf Vets Place complex.

Related Articles

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Donald Capoccia (Photos by Axel Dupeux)

The Closing: Don Capoccia

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

LA mayor orders a moratorium on commercial evictions