Bayport Funding, a direct portfolio lender for real estate investors, has provided a $7.02-million bridge loan to support the ground-up construction of 1218-1222 Putnam Ave. in Bushwick, Brooklyn. Developed by 1222 Putnam Development Inc., the property will be a 21-unit four story multifamily rental building.
CEO Marcia Kaufman noted that “Bushwick’s significant residential demand is spurred by metro accessibility and an array of retail, dining and lifestyle offerings.” She added that Bayport Funding acted quickly to ensure investor Zhi Xiang Lin had the financial resources needed to capitalize on Brooklyn’s current momentum.
Located near Bedford Stuyvesant and Williamsburg neighborhoods, Bushwick continues to attract renters due its increasing demand for housing as well as more commercial and retail establishments opening up in order meet this growing population’s needs . Investors remain committed towards improving aging housing stock while delivering more units throughout the borough .
