NEW YORK, NY - Bayport Funding, a direct portfolio lender for real estate investors, has successfully closed a $6 million construction loan for a 25-unit multifamily property located on Aqueduct Avenue in the Bronx, New York. This transaction underscores Bayport Funding’s dedication to supporting investors in high-potential markets.
Rental demand in New York remains high as new units are expected to be delivered throughout the city during 2024. The Bronx in particular has emerged as one of New York’s most desirable investment markets due to its vibrant communities, affordability, and availability of green space.
“Bayport is proud to partner with this experienced borrower by providing the capital needed to further enhance and manage a property well-suited to current rental needs,” said Marcia Kaufman, CEO, Bayport Funding. “The area is experiencing a remarkable transformation in recent years, with investment pouring into its infrastructure, business, and residential development. The result is a thriving rental ecosystem that presents attractive investment opportunities for the real estate community.”
This construction loan is a further example of Bayport's commitment to providing flexible and customized financing solutions to its clients, as well as its continued growth in the multifamily sector.
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