NEW YORK, NY - Bayport Funding, a direct private bridge lender for real estate developers, has closed on a $1.85 million mid-construction loan to refinance a new, mixed-use conversion project in a prime location in Waterbury, Connecticut’s central business district.
Originally constructed in 1979, the repositioned and gut-renovated commercial development will deliver a three-story, elevator-serviced building spanning 23,797 square feet, including 21 apartment units and four commercial retail units. The residential units will comprise 14 three-room, one-bedroom units and seven four-room, two-bedroom units.
“Waterbury is an important Northeast city center for commerce and residential activity,” said Marcia Kaufman, CEO, Bayport Funding. “The past five years in particular has brought an uptick in housing demand for the market, and this repurposed commercial property, turned into majority residential development is helping fill the demand for the housing shortage.”
Residents will enjoy convenient access to shopping, business, dining, and recreation.
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 $1.7 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