Bayport Funding, a direct private bridge lender for real estate developers, has provided a $5.5 million acquisition and construction loan for a six-unit, ground-up condominium on Clay Street in Greenpoint. The development will transform the lot from a currently vacant industrial building into a five-story, elevator-serviced property.
Spanning approximately 7,088 gross square feet, the completed building will feature six apartments. The design includes duplex units on the lower level and a penthouse duplex with a finished roof deck, offering modern living spaces in one of the borough’s most dynamic and popular neighborhoods.
“Greenpoint continues to be a prime Brooklyn hub for residential development,” said Marcia Kaufman, CEO, Bayport Funding. “Bayport is proud to provide financing for this project, which brings more homes to the in-demand borough, and advance our strategy of empowering projects with sustained potential for growth and long-term value.”
The surrounding area has undergone prodigious growth in recent years, particularly for apartments and mixed-use properties. The location offers convenient access to parks, dining and transportation, making it a top destination for both renters and homebuyers seeking a balance of lifestyle offerings and convenience.
For more information about Bayport Funding and its latest activities, visit www.BayportFunding.com.
