GREAT NECK, NY - Bayport Funding, a leading direct portfolio lender for real estate investors, has delivered a $7.02 million bridge loan to support the ground-up construction of 1218-1222 Putnam Avenue in Bushwick, Brooklyn. Developed by 1222 Putnam Development Inc., this 21-unit, four-story multifamily building will help satisfy the continuing demand for high-quality rental housing in the rapidly appreciating Bushwick submarket.
“Bushwick’s significant residential demand is spurred by metro accessibility and an array of retail, dining, and lifestyle offerings,” said Marcia Kaufman, CEO of Bayport Funding. “We acted quickly to ensure the investor Zhi Xiang Lin had the financial resources to seize on Brooklyn’s current momentum.”
With proximity to the vibrant neighborhoods of Bedford-Stuyvesant and Williamsburg, Bushwick has grown into a destination for renters. The neighborhood continues to see appreciating demand and strong rental values as more commercial and retail establishments open to serve a growing population. Investors remain committed to the borough and seek opportunities to improve the aging housing stock and deliver more units.
“With residents continuing to move back to Brooklyn and in-person retail back on the rise, we’re excited to bring a product to market that will meet housing demand,” said Zhi Xiang Lin. “Bayport is a long-time lending partner for our firm and continues to be a trusted resource as we grow our footprint.”
About Bayport Funding: Bayport Funding is a balance sheet lender that provides bridge financing to real estate investors for single family, multifamily, mixed-use, and ground-up construction projects. Bayport has originated more than $1.3 billion. The firm is dedicated to the real estate investor community that depends on immediate availability of capital for funding projects. Bayport Funding understands the real estate investor business model and will tailor a customized Smart Money Loan Program to meet each lender’s specific needs. Bayport Funding offers several types of loan structures for investors who fix and flip properties, providing an opportunity to achieve significant return on investments and revitalize neighborhoods.