Bayport Funding, a leading direct portfolio lender for real estate investors, has provided a $7.75 million bridge loan to support the refinancing of a mixed-use property in Boerum Hill. Located on Atlantic Avenue, this four-family apartment will include ground-floor retail and stand at six stories tall. It also offers 15-foot ceilings, a 2,000-square foot ground floor, and proximity to several convenient public transportation options.
Brooklyn has remained one of New York’s most attractive boroughs, with rents remaining notably above their pre-pandemic rates. In addition to its particularly strong real estate fundamentals, the borough has become increasingly popular among millennials and members of Gen-Z, and in 2021 and was only approximately 2,000 residents shy of breaking its record-high population set in the 1950s.
“This project highlights Brooklyn’s dynamism and enduring appeal, even in times of uncertainty,” said Marcia Kaufman, CEO, Bayport Funding. “Boerum Hill’s vibrant community continues to attract residents seeking a unique blend of historic charm, cultural vibrancy, and entrepreneurial spirit, and as the economic climate stabilizes this year, we are confident that this loan will be one of many that will contribute to the continued success of New York and the other markets in which we are active.”
Bayport Funding has remained highly active in several key gateway markets throughout 2023 despite economic challenges facing the multifamily sector. As industry experts and consumers alike begin to see indications of more robust multifamily investment and activity in 2024, the firm is poised to capitalize on its existing nationwide momentum and provide best-in-class and agile financing.
