BROOKLYN, NY - Bayport Funding, a leading direct portfolio lender for real estate investors, has provided a $6.3 million bridge loan for a 16-unit multifamily building in Bedford-Stuyvesant, Brooklyn. Located on Franklin Avenue, the property will comprise nearly 11,500 square feet and offer studios and two-bedroom units. Amenities will include a roof terrace, private decks, washers and dryers, and a backyard.
Aesthetically, the building will feature industrial-style windows facing out onto Franklin Avenue as well as private terraces and a red brick façade. Within the interiors, kitchens will include granite counters and stainless steel appliances.
“As one of the city’s premier boroughs, Brooklyn continues to see significant demand for housing that can be addressed through increased vertical construction,” said Marcia Kaufman, CEO, Bayport Funding. “By developers building multifamily projects such as these, they are providing reasonable rental options for both existing New Yorkers and newcomers to the city.”
Bedford-Stuyvesant’s attractiveness as a livable neighborhood and popular destination for visitors and city residents has been a boon to the community, particularly leading to a resurgence in its retail corridors. Additionally, its historical significance, variety of architecture, and arts and cultural scene continue to fuel a demand for rental units that Bayport Funding’s financing solutions help satisfy.
For more information about Bayport Funding’s activities, 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