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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.
- ◦Development
- ◦Financing
