Bayport Funding, a direct private bridge lender specializing in real estate development, has successfully closed a $5.2-million loan for the purchase of a development plot in Fort Lee, NJ and the subsequent construction of a new multifamily property on the site. The borrower’s identity remains undisclosed but is known to be developing an ambitious project that will consist of seven units spread over 25,000 square feet of residential space.
According to Marcia Kaufman, CEO at Bayport Funding: “New Jersey’s rental market is highly competitive and Fort Lee has long been recognized as an attractive community with convenient access to New York City. This project is strategically positioned to meet increasing demand and provide more high-density housing options for residents.”
The property boasts easy access to major transportation routes such as the George Washington Bridge and offers short commutes via ferry or rail service into Midtown Manhattan. With its prime location and potential for growth in demand from renters seeking convenience and accessibility near NYC, this investment opportunity holds great promise.
This news was originally published by Connect CRE.
