NEW YORK, NY - Bayport Funding, a direct private bridge lender for real estate developers, has closed a $2.2 million acquisition and construction loan for the redevelopment of a two-family home into a five-unit multifamily property. The approximately 4,158-square foot building, originally constructed in 1899, is located on Putnam Avenue and sits on the border between Bedford-Stuyvesant and Clinton Hill.
“This is an exceptional multifamily property that will provide high-quality housing to this thriving neighborhood,” said Marcia Kaufman, CEO, Bayport Funding. “Bed-Stuy is a fantastic place to call home, offering a strong sense of community and a wealth of cultural and dining attractions. This project will be a welcome addition to the area, delivering beautiful new apartments in a much sought-after location.”
The property will offer apartments complete with luxurious open kitchens, premium appliances, and other sought-after amenities such as floor-to-ceiling windows, balconies, and in-unit laundry. The lot spans 2,100 square feet and was most recently purchased by East Group Capital in 2020.
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. For more information about Bayport Funding, please visit www.bayportfunding.com