NEW YORK, NY - Bayport Funding, a leading direct bridge lender for real estate investors, has provided a $3.35 million acquisition and construction loan for the single-family conversion of a multifamily brownstone in Boerum Hill, Brooklyn. The three-story, approximately 2,576 square-foot property was built in 1899 and comprises four bedrooms and three bathrooms.
“Brooklyn’s multifamily market is performing well by the numbers year-over-year, which is aligned with the consistent demand that Bayport has seen throughout our continued activity in the area,” said Marcia Kaufman, CEO, Bayport Funding. “This transaction also speaks to the enduring appeal of brownstones in the area, particularly as they attract families drawn to their spacious living accommodations, historic charm, and customization potential not available in more modern homes.”
The conversion into a single-family home includes a complete brownstone restoration, a practice that preserves the property’s architectural heritage and contributes towards overall neighborhood revitalization. The property is within proximity to Boerum Hill’s celebrated assortment of restaurants, boutiques, and art galleries. Boerum Hill is accessible to Manhattan by more than a dozen subway lines, further contributing to its popularity for families seeking an oasis from the city while maintaining convenient commuting options.
Bayport remains highly active in Brooklyn as well as throughout New York and the Eastern Seaboard. For more information on the firm and its growing portfolio, 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