NEW YORK, NY - Bayport Funding, a leading direct portfolio lender for real estate investors, has provided a $4.7 million acquisition and construction loan for the ground-up construction of 76 West 105th Street. The six-story property, developed by Moonshot Development, will span nearly 7,000 square feet across two triplex townhomes.
“Manhattan is the only New York borough to experience a population increase following the pandemic, and the Upper West Side led that trend with a roughly 30% increase compared to 2019,” said Marcia Kaufman, CEO of Bayport Funding. “With that influx in population comes an increase in demand, and that’s reflected by the area’s appreciating fundamentals. As competition among sellers in the area heightens, there are ample opportunities to bring new inventory to the market and realize investment upside.”
The property follows in the visual footsteps of INOA Architecture’s signature aesthetic, with a unique asymmetrical design, thin frame, and granite-hued façade. This exterior provides for ample space for an outdoor community garden, while the upper levels have access to a full roof deck outlined by glass railings. Construction is expected to conclude in the latter half of 2023.
“The Upper West Side is famous for its townhomes, and with steady demand for high-end properties with space to roam, 76 West 105th brings an elevated asset to a prime investment market,” said Moonshot Development. “We needed to proceed quickly on this project to deliver at the right time, and Bayport Funding provided the agile financing to maintain our strict construction deadline.”
To learn more about Bayport Funding and its financing capabilities, please 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