I was wondering if there is a way to create a custom footer in this theme?
Sure. There is actually no footer.php in the Frisco theme. Because Frisco is a child theme of the BuddyPress default theme (bp-default), it inherits the footer.php from that parent theme.
If you’d like to customize it, copy footer.php from the bp-default theme folder at wp-content/plugins/buddypress/bp-themes/bp-default/footer.php and place the copy in your Frisco theme folder. Then open up your favorite text editor and customize however you’d like.
Keep in mind, the theme has three (3) widget areas in the footer area already so you could always use those without ever touching footer.php.
