Bronx, NY Bayport Funding has closed a $6 million construction loan for a 25-unit multifamily property located on Aqueduct Ave.

Rental demand in New York remains high as new units are expected to be delivered throughout the city during 2024. The Bronx in particular has emerged as one of New York’s most desirable investment markets due to its vibrant communities, affordability, and availability of green space.

“Bayport is proud to partner with this experienced borrower by providing the capital needed to further enhance and manage a property well-suited to current rental needs,” said Marcia Kaufman, CEO, Bayport Funding. “The area is experiencing a remarkable transformation in recent years, with investment pouring into its infrastructure, business, and residential development. The result is a thriving rental ecosystem that presents attractive investment opportunities for the real estate community.”