BROOKLYN, NY - 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.
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