NEW YORK, NY - Bayport Funding, a leading direct bridge lender for real estate investors, has provided a $1.78 million acquisition and construction loan for a two-story, 2,555-square-foot single family townhouse in Crown Heights, Brooklyn. The developer is in the process of renovating and expanding this 1906-built home to meet the demand for single family homes in one of Brooklyn’s most popular neighborhoods.
“New York’s multifamily market saw a significant quarterly increase last quarter across dollar, transaction, and property volume, and Brooklyn’s continuing strong performance was a major contributor to that,” said Marcia Kaufman, CEO, Bayport Funding. “The borough’s dollar volume alone surged by nearly 75% compared to the previous quarter, indicating robust demand and an eagerness among both buyers and investors.”
Crown Heights remains a highly desirable neighborhood due to its affordability for younger demographics beginning to enter the market, rapidly growing retail districts, and proximity to neighborhood gems including Prospect Park and the Brooklyn Botanical Garden. Its rich historical significance can also not be understated, which is preserved and celebrated by locations such as the Crown Heights North Historic District and Weeksville Heritage Center.
Bayport Funding’s agile financing solutions continue to enable investors to quickly take advantage of opportunities in thriving cities throughout the country. In doing so, the firm has established itself as a lender that is trusted by investors nationwide. To learn more, 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