BROOKLYN, NY – Bayport Funding, a direct private bridge lender for real estate developers, has closed a $6.5 million acquisition and construction loan for a Williamsburg multifamily property. Upon its Q4 2024 completion, the site will be transformed into a six-story, 10-unit property comprising eight residential units and two commercial spaces. Specifically, the building will offer approximately 5,440 square feet and 1,280 square feet of residential and commercial space, respectively.
Already a highly coveted Brooklyn neighborhood due to its vibrant atmosphere and vast retail, culinary, and recreational offerings, Williamsburg and its residential landscape will be further augmented by this development as it provides premiere living spaces for members of the community. The project also represents a significant investment in elevating urban living experiences while fostering economic growth within the area.
“Bayport Funding is committed to remaining an active contributor to Brooklyn’s continued growth and success, particularly in neighborhoods such as Williamsburg that have enjoyed enduring popularity for several years,” said Marcia Kaufman, CEO, Bayport Funding. “This development both aligns with our vision of creating high-quality living spaces and supports the local economy by integrating commercial opportunities. Williamsburg is known for its unique blend of artistic flair and entrepreneurial spirit, and we are excited to add a new chapter to its growth story.”
In addition to Williamsburg’s cultural offerings, the area boasts a diverse range of cuisines and unique shopping experiences, with a plethora of boutiques, vintage stores, and markets. The development is centrally located and in proximity to the J, M, Z and L subway lines, facilitating easy travel to other parts of the city for residents. The area is also famous for its thriving arts and music scene, home to many galleries, music venues, and beautiful street art.
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.wpenginepowered.com
