PHILADELPHIA, PA - Bayport Funding, a direct private bridge lender for real estate developers, closed a $6 million bridge loan to fund the vertical construction of a multifamily property in the Overbrook Farms section of Philadelphia, PA. Bayport is excited to support this highly experienced local area developer transforming a formerly vacant corner lot into highly-desirable, transit-oriented housing with immediate access to the SEPTA Subway-Surface Trolley Lines via the 63rd Street and Malvern Avenue station. Construction on the property is ongoing, with the project targeting Q1 2025 delivery.
“The Philadelphia market holds immense potential, with workforce housing developments with Overbrook Farms as a prime example,” said Marcia Kaufman, CEO, Bayport Funding. “This development aligns perfectly with our mission of investing in thriving neighborhoods that offer myriad and varied living options while also contributing to the city’s overall dynamism.”
While the overall Philadelphia market has experienced tremendous growth in housing supply, there remains high demand for work-force housing in long established neighborhoods such as Overbrook Farms, made famous by its high school once attended by Wilt Chamberlain. Bayport continues to monitor macro and micro factors impacting the greater Philadelphia rental market.
For more information about Bayport and its activities, visit www.BayportFunding.com
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