Private bridge lender Bayport Funding has closed a $1.85-million mid-construction loan for a Bronx multifamily property. Construction is underway at the approximately 2,500-square-foot lot, with the completed building slated to include eight units across seven stories and 10,200 square feet. The borrower was not disclosed.
Located in the Mount Hope neighborhood of the Bronx, this project is situated in an area offering a blend of residential, commercial, and recreational areas. The project also brings further residential densification to the neighborhood at a time when the Bronx is seeing a surge of residential activity and demand.
“The Bronx’s multifamily sector is seeing tremendous growth recently, and these projects perfectly exemplify the borough’s dynamism,” said Marcia Kaufman, CEO, Bayport Funding. “By providing financing for high-quality developments in these thriving neighborhoods, our team is proud to continue contributing to the Bronx’s ongoing renaissance.”