Bayport Funding Closes $1.85M Mid-Construction Loan for Waterbury Mixed-Use Conversion
Bayport Funding, a direct private bridge lender specializing in real estate development, has closed a $1.85 million mid-construction loan for a new mixed-use conversion project in the heart of Waterbury, Connecticut’s central business district.
The project involves the gut-renovation and full repositioning of a commercial property originally built in 1979. Once completed, the development will feature a three-story, elevator-equipped building totaling 23,797 square feet. Plans include 21 residential apartment units alongside four commercial retail units.
The residential portion will offer a mix of layouts, including 14 one-bedroom units featuring three-room configurations and seven two-bedroom units with four-room floorplans, aimed at addressing the growing demand for housing in the region.
“Waterbury is an important Northeast city center for commerce and residential activity,” said Marcia Kaufman, CEO of Bayport Funding. “The past five years in particular have seen a significant increase in housing demand, and this repurposed commercial property—now a majority-residential development—is contributing meaningful supply to address the area’s housing shortage.”
