A developer is converting a historic commercial building on Broad Street in Elizabeth into 15 apartments and ground-floor retail space. — Rendering courtesy: Bayport Funding
By Joshua Burd
The developer behind a plan to convert a historic commercial building in Elizabeth into 15 apartments has secured nearly $4.9 million in financing from Bayport Funding.
According to the direct private bridge lender, the nearly 20,000-square-foot project on Broad Street will benefit from the presence of NJ Transit’s Elizabeth station across the street. The borrower’s plans for century-old building, which will provide workforce housing, also call ground-floor retail space.
Bayport Funding announced the $4.85 million refinance and construction loan while touting the site’s proximity to Newark Liberty International Airport and Manhattan, plus Elizabeth’s vast selection of restaurants, parks, schools and shopping centers.
“North Jersey is one of the country’s most ascendant residential markets, and Elizabeth, NJ, with its recent infrastructure investments, has emerged as a key piece of the region’s real estate landscape,” Bayport Funding CEO Marcia Kaufman said. “As lenders, we see this development as delivering on strong neighborhood demand for residential and commercial spaces that cater to the city’s economic and population growth.”
