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Brokerage
Posted: November 28, 2023
Bayport Funding provides $6.3 million bridge loan
Brooklyn, NY Bayport Funding has provided a $6.3 million bridge loan for a 16-unit multifamily building in Bedford-Stuyvesant. Located on Franklin Ave., the property will comprise 11,500 s/f and offer studios and two-bedroom units.
The building will feature industrial-style windows facing onto Franklin Ave., 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.
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