Hempstead, NY Direct bridge lender Bayport Funding provided a $3.2 million acquisition and mid-construction loan for the ground-up development of 1104 Hempstead Ave., in Malverne. Located on a 38,320 s/f plot, this property will contain 12 apartment units and be three-and-a-half stories upon completion and offer off-street parking.
The property stands along the edge of the Malverne village border. The town’s competitive rental market has seen a 5.7% year-over-year rental price increase, reflective of Nassau County’s high rental demand. The area has also consistently performed well relative to national average rental figures, with more housing required to satisfy a population that has grown by 2.7% in the past decade.