Bayport Funding, a leading financial institution, has recently granted a $6.3 million bridge loan for a 16-unit multifamily building located in the highly sought-after neighborhood of Bedford-Stuyvesant in Brooklyn. The property is situated on Franklin Avenue and spans over 11,500 square feet with a mix of studio and two-bedroom apartments.
This modern building offers an impressive range of amenities including a roof terrace, private decks for each unit, convenient in-unit washers and dryers, as well as access to the backyard. According to Marcia Kaufman, CEO of Bayport Funding: “Brooklyn remains one of the most desirable boroughs in New York City and there is high demand for housing solutions that can be met through vertical construction.” She further adds that by developing multifamily projects like this one, developers are providing affordable rental options for both current residents and newcomers to the city.
The funding provided by Bayport will contribute towards meeting this growing demand for quality housing options in Brooklyn without compromising on affordability or convenience. This latest development showcases Bayport’s commitment towards supporting sustainable growth within thriving communities across New York City.
