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BFC Partners gets $67M state loans for Queens, NY, development


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BFC Partners gets $67M state loans for Queens, NY, development

BFC Partners LP received state loans amounting to approximately $66.8 million to be channeled toward its Jamaica Avenue Apartments housing development in the Jamaica neighborhood of Queens, N.Y., The Real Deal reported, citing real estate records.

The loans extended to the Brooklyn, N.Y.-headquartered property developer and investor comprise a roughly $39.7 million fee and leasehold mortgage, as well as an approximately $27.1 million fee and leasehold subsidy mortgage.

BFC is teaming up with New Destiny Housing Corp. to build a 21-floor building at 153-19 Jamaica Ave., which will span 139 apartments spread across roughly 104,000 square feet of space. Out of the space, 99,000 square feet will be allocated to housing units, while 5,000 square feet will be for commercial utilization, the Jan. 2 report added.

The tower will also contain a gym, tenant lounge and laundry facilities.