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Bayport Arranges Funding for Fort Lee Development Site
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, NJ and the construction of a new multifamily property on the site. The undisclosed borrower is developing a ground-up project that will comprise seven units across nearly 25,000 square feet of residential space.
“New Jersey is one of the country’s most competitive rental markets, and Fort Lee has enjoyed a longstanding 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, and it also offers a short commute to the ferry or rail service into Midtown Manhattan.
- ◦Financing
