BRONX, NY - Bayport Funding, a direct private bridge lender for real estate developers, has closed a $1.85 million mid-construction loan for a Bronx multifamily property. Construction is already underway at the approximately 2,500 square foot lot, with the completed building slated to include eight units across seven stories and 10,200 square feet.
Located in the Mount Hope neighborhood of the Bronx, this project is situated in an area that offers a balanced urban lifestyle through its blend of residential, commercial, and recreational areas. The project also brings further residential densification to the neighborhood at a time when the Bronx is seeing a surge of residential activity and demand.
“The Bronx’s multifamily sector is seeing tremendous growth recently, and these projects perfectly exemplify the borough’s dynamism,” said Marcia Kaufman, CEO, Bayport Funding. “By providing financing for high-quality developments in these thriving neighborhoods, our team is proud to continue contributing to the Bronx’s ongoing renaissance.”
The neighborhood is within proximity of the famous Arthur Avenue, the borough’s own Little Italy, as well as a wide variety of culinary experiences. Mount Hope is served by the B and D subway lines as well as numerous bus routes, facilitating easy travel within the borough and beyond. Additionally, the area features cultural landmarks such as the Bronx Zoo–one of the largest in the United States–and lush green spaces such as Crotona Park, providing ample opportunities for outdoor recreation.
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