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Bayport Funding Provides Bridge Loan for Bushwick Rental Development

Bayport Funding, a direct portfolio lender for real estate investors, has delivered 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.

“Bushwick’s significant residential demand is spurred by metro accessibility and an array of retail, dining, and lifestyle offerings,” said Marcia Kaufman, CEO of Bayport Funding. “We acted quickly to ensure the investor Zhi Xiang Lin had the financial resources to seize on Brooklyn’s current momentum.” 

With proximity to Bedford-Stuyvesant and Williamsburg, Bushwick has grown into a destination for renters. The neighborhood continues to see appreciating demand and strong rental values as more commercial and retail establishments open to serve a growing population. Investors remain committed to the borough and seek opportunities to improve the aging housing stock and deliver more units. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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