NASSAU COUNTY, NY - Bayport Funding, a leading direct portfolio lender for real estate investors, has provided a $3.2 million acquisition and mid-construction loan for the ground up development of 1104 Hempstead Avenue, a property in Malverne, Long Island. Located on a 38,320-square-foot plot, this prime property will stand at three-and-a-half stories upon completion and offer off-street parking spaces.
The property stands along the edge of the Malverne village border, located in the town of Hempstead and known for its rich and long history. Hempstead’s competitive rental market has seen a 5.7 percent year-over-year rental price increase, reflective of Nassau County’s high rental demand. The area has also consistently performed well relative to national average rental figures, with more housing required to satisfy a population that has grown by 2.7% in the past decade.
“There’s a need for more rental units all over Long Island, and we’re currently in a climate where institutional lenders are particularly apprehensive,” said Marcia Kaufman, CEO, Bayport Funding. “As the country experiences record levels of new multifamily construction this year, it remains critical to keep suburban markets in mind due to their enduring appeal and recent surge in popularity. Our agile financing solutions help create opportunities in those areas for investors and residents alike.”
Malverne is located approximately 45 minutes from New York City and within proximity of several beaches. Combined with its many offerings of boutique retail locations, dining options, and beautiful parks, the area is highly attractive to those seeking respite from the bustle of the five boroughs.
For more information about Bayport Funding’s activities, visit www.bayportfunding.com
About Bayport Funding: Bayport Funding is a balance sheet lender that provides bridge financing to real estate investors for single family, multifamily, mixed-use, and ground-up construction projects. Bayport has originated more than $1.3 billion. The firm is dedicated to the real estate investor community that depends on immediate availability of capital for funding projects. Bayport Funding understands the real estate investor business model and will tailor a customized Smart Money Loan Program to meet each lender’s specific needs. Bayport Funding offers several types of loan structures for investors who fix and flip properties, an opportunity to achieve significant return on investments and revitalize communities. For more about Bayport Funding, please visit www.bayportfunding.com