Bayport Funding, a private bridge lender, has recently closed a mid-construction loan of $1.85 million for a multifamily property located in the Bronx. The project is currently being built on an approximately 2,500-square-foot lot and will consist of eight units spread across seven stories and 10,200 square feet once completed. The borrower’s identity remains undisclosed.
Situated in the Mount Hope neighborhood of the Bronx, this development adds to the diverse mix of residential, commercial and recreational spaces in the area. It also contributes to increasing residential density at a time when there is high demand for housing in this borough.
According to Marcia Kaufman, CEO of Bayport Funding: “The multifamily sector in the Bronx has been experiencing significant growth lately and these projects are perfect examples of its dynamism.” She further added that by providing financing for top-quality developments like these ones within thriving neighborhoods such as Mount Hope , their team takes pride in contributing towards ongoing revitalization efforts taking place throughout this borough.
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