The owner of an 11-unit apartment building in Paterson has refinanced the property after securing a nearly $1.7 million loan from Bayport Funding.
According to a news release, the acquisition and construction financing comes amid growing demand for rental housing in the state’s third-largest city. The direct private bridge lender completed the $1.675 million transaction with an undisclosed borrower, noting that proceeds will support a 9,500-square-foot property on Governor Street.
“Paterson’s prime location in the New York metropolitan area makes it a strategic setting for high-quality rental housing,” said Marcia Kaufman, CEO of Bayport Funding. “With its strong sense of community and ongoing growth, Paterson is a promising market to invest in the future of multifamily housing, and we’re proud to support developments that add even greater value to this city. This project helps meet the demand for well-designed rental options that enhance Paterson’s appeal.”
Bayport announced the closing last week, noting that Paterson’s real estate market has become increasingly attractive due to its location and substantial transit options. It has multiple rail and bus services, with access to nearly 200,000 jobs within a 30-minute drive.
It also has competitive rental rates relative to nearby cities, the lender said, having drawn a mix of young professionals and families. Governor Street, for its part, is close to Eastside Park, the Paterson Great Falls National Historic Park and various shopping and dining options, giving residents access to both urban amenities and open space.
