Bayport Funding, a direct portfolio lender for real estate investors, has provided a $4.95 million acquisition loan for a Williamsburg site in Brooklyn. The name of the sponsor is not disclosed.  

Located on Metropolitan Avenue, the property consists of two existing mixed-use buildings that will be converted into four-story residential rental buildings with ground-floor retail spaces.  

“Williamsburg has been a highly in-demand market for more than two decades, serving as one of the prime foundations for Brooklyn’s continued real estate growth,” said Marcia Kaufman, CEO of Bayport Funding. “The market has appreciated even throughout the pandemic, and as people continue to move back to the borough, this property represents a high-growth investment opportunity.”