Real estate lender Bayport Funding is staying bullish on New Jersey after a flurry of recent deals in the state, including a combined $8.25 million in transactions in eastern Bergen County.
In the largest among them, the Great Neck, New York-based firm provided a $5.2 million loan for a ground-up construction project in Fort Lee. The lender also completed two transactions in Englewood, including a $1.4 million fix-and-flip loan for a seven-unit property and $1.65 million in financing for a single-family development.
“Our ability to close loans swiftly, often within 72 hours, is not just a testament to our operational efficiency but also to our deep commitment to the real estate developers we serve,” CEO Marcia Kaufman said. “This speed, combined with our hands-on approach, ensures that projects move forward without delay, reflecting our overall agility and responsiveness in the face of evolving market dynamics.”
Bayport specializes in securing bridge financing for real estate investors seeking fix-and-flip, ground-up construction and one- to four-unit multifamily opportunities, according to a news release. The balance sheet lender closes more than $30 million in deals monthly, while its assets under management exceed $350 million.
Some of its other recent activity in New Jersey includes a $2 million ground-up construction loan for a nine-unit development and a $350,000 mid-construction loan for a three-unit project, both in Newark. It also closed a $1.95 million purchase-to-hold loan for a 16-unit project in Passaic and $1.675 million in financing for a ground-up, 11-unit project in Paterson.
To date, the firm has originated nearly $2 billion in loans.
“Throughout New Jersey, we’re seeing experienced fix-and-flippers rejuvenating neighborhoods by renovating aging housing stock and reselling it, often to an end user,” Kaufman said. “These investors are not just revitalizing properties. They are also significantly increasing housing availability, whether by transforming a single-family home or converting a two-unit house into four or eight units. With Bayport’s strategic funding solutions, these multifamily investors can play a crucial role in addressing New Jersey’s urgent need for more housing.”
Kaufman added that multiple New Jersey municipalities offer incentives to developers to build multifamily housing. She also said a significant number of investors are turning away from New York and focusing their efforts on the Garden State, since New York’s supply is even more stringent and more expensive than New Jersey’s.
