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**Bayport Funding Finalizes $1.85M Loan for Waterbury Mixed-Use Conversion Project**
Bayport Funding, a direct private bridge lender specializing in real estate development financing, has closed a $1.85 million mid-construction loan to support the conversion of a commercial property into a mixed-use development in the heart of Waterbury, Connecticut’s central business district.
The property, originally built in 1979, is undergoing a complete gut renovation and repositioning. When completed, the three-story building will feature 23,797 square feet of space, including 21 apartment units and four commercial retail spaces. The residential portion will comprise 14 one-bedroom units and seven two-bedroom units, all within an elevator-serviced facility.
“Waterbury is an important Northeast city center for commerce and residential activity,” said Marcia Kaufman, CEO of Bayport Funding. “The past five years in particular have brought an uptick in housing demand for the market, and this repurposed commercial property, turned into a majority residential development, is helping fill the demand for the housing shortage.”
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