NEW YORK, NY - Bayport Funding, a leading direct portfolio lender for real estate investors, has provided a $3.06 million acquisition and construction loan for 445 5th Street, Brooklyn, NY a prime Park Slope property containing one single family home that will be converted into two multifamily rentals. The financing supports a complete restoration of the brownstone as well as vertical and horizon extensions.
“Park Slope remains one of the most highly coveted neighborhoods both in Brooklyn and New York overall,” said Marcia Kaufman, CEO, Bayport Funding. “The steady flow of people moving to the area is a significant contributing factor to Brooklyn’s continued real estate activity, and the local market is remaining competitive as many high-value rental properties are hitting the Brooklyn market.”
445 5th Street is in proximity to several transportation lines as well as the vibrant neighborhoods of Carroll Gardens and Clinton Hill, making commuting throughout the borough or to Manhattan easily accessible. Additionally, the property is located within walking distance of popular eateries and retail such as Just Salad, Barnes & Nobles, Rite Aid, and Five Guys, as well as the city’s beloved Prospect Park.
As one of the most sought-after markets in Brooklyn, Park Slope represents a prime corridor for investment as the borough continues to present significant activity and appreciable momentum. Bayport Funding continues to enable investors to seize upon these opportunities by being their capital provider.
To learn more about Bayport Funding and its financing capabilities, please visit www.bayportfunding.com
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, an opportunity to achieve significant return on investments and revitalize communities. For more about Bayport Funding, please visit www.bayportfunding.com