PHILADELPHIA, PA - Bayport Funding, a direct private bridge lender for real estate developers, has closed a $2.3 million acquisition and vertical construction loan for a North Central Philadelphia multifamily property. Construction on this project is already underway, and it will be delivering 13 rental units upon its Q4 2024 completion.
Already an established community, new residential developments are poised to further enhance the North Central Philadelphia community. These are being complemented by citywide initiatives to develop more housing, create more opportunities for residents to connect with one another, and stimulate local businesses and economic growth within the neighborhood.
“Philadelphia is a thriving city with even greater potential and no shortage of opportunities to participate in and bolster its rental market,” said Marcia Kaufman, CEO, Bayport Funding. “This new building will provide fantastic rental options for this growing community and is a project that aligns with Bayport Funding’s mission of supporting these types of developments as they enrich neighborhoods.”
In addition to North Central Philadelphia’s walkability and abundance of culinary and retail experiences, the area is also well served by the city’s SEPTA bus network, making it easy for residents to commute to other parts of the city. The area is also known for its rich history, preserved across the neighborhood’s numerous museums and cultural sites.
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