NEW YORK, NY - Bayport Funding, a leading direct bridge lender for real estate investors, has provided a $4 million acquisition and construction loan for the development of a four-story mixed-use building in Ozone Park, Queens. The property will comprise nearly 10,000 square feet, approximately 8,600 of which will be designated as residential space, with the remaining 1,400 as retail.
Upon completion, the 47-foot-tall rental property will feature 12 units, parking spaces for residents, and a side yard.
“Queens’ rental market has become highly competitive during the second quarter, with median pricing recently rising by nearly 20 percent year-over-year,” said Marcia Kaufman, CEO, Bayport Funding. “The borough’s continuous strong demand stems in part from its commutability to Manhattan, relative abundance of space, and diversified amenities and lifestyle options.”
Within Queens, permits were filed for more than 3,200 apartments and hotel rooms in the second quarter alone. Ozone Park remains a prime corridor for multifamily investment due to its sustained activity and appreciable momentum, enabling it to remain a hotspot for renters and single families. These demographics are drawn to the neighborhood’s uniquely suburban atmosphere, green spaces, and tight-knit community.
Ozone Park’s nearby unique offerings include the Aqueduct Racetrack and Resorts World Casino, the only racetrack and casino found in the entirety of New York City at the moment. The area is also highly renowned for its international diversity of cuisine options.
As Bayport Funding continues to provide financing for investors throughout the country, its focus remains on identifying areas of significant activity and enabling investors to seize upon and create new opportunities. For more information on the firm’s activities and growing portfolio, 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