Bayport Funding Provides $3M for Brooklyn Residential Property
Bayport Funding, a direct portfolio lender for RE investors, has provided a $3.06 million acquisition and construction loan for 445 5th Street, Brooklyn, NY.
The property in Park Slope contains one single-family home that will be converted into two multifamily rentals. The financing will support the complete restoration of the brownstone, including vertical and horizon extensions.
“Park Slope remains one of the most highly coveted neighborhoods both in Brooklyn and New York overall,” said Marcia Kaufman, CEO OF Bayport Funding. “The steady flow of people moving to the area is a significant contributing factor to Brooklyn’s continued real estate activity, and the local market is remaining competitive as many high-value rental properties are hitting the Brooklyn market.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.