FORT LEE, NJ - Bayport Funding, a direct private bridge lender for real estate developers, has closed a $5.2 million loan for the acquisition of a development plot in Fort Lee, N.J. and the construction of a new multifamily property on the site. The borrower is developing a ground-up, multi-story project that will comprise seven units across nearly 25,000 square feet of residential space.
Fort Lee’s lifestyle offerings and proximity to Manhattan make it a highly sought-after location for residents, investors, and developers, particularly amid the North Jersey market’s strong rental growth. This multifamily project offers elevated spaces that meet current rental preferences for more modern living experiences in the area.
“New Jersey is one of the country’s most competitive rental markets, and Fort Lee has enjoyed a long-standing reputation as a desirable community with direct access to New York,” said Marcia Kaufman, CEO, Bayport Funding. “This project is well-positioned to meet appreciating demand and deliver more densified housing to the area.”
The property is located within quick driving distance of the George Washington Bridge, as well as offers a short commute to the ferry or rail service into Midtown Manhattan.
For more information about Bayport and its 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