By Joshua Burd
A private developer has closed on $5.2 million in financing in connection with a planned seven-unit apartment building in Fort Lee, its lender announced Thursday.
In a news release, Bayport Funding said the deal will support the borrower’s acquisition of the site and construction for the nearly 25,000-square-foot project. The direct private bridge lender did not disclose the property’s address, but said it was a short drive from the George Washington Bridge and ferry and rail service to Midtown Manhattan.
Bayport also touted Fort Lee’s appeal to residents, investors and developers, particularly amid the North Jersey market’s strong rental growth.
“New Jersey is one of the country’s most competitive rental markets, and Fort Lee has enjoyed a longstanding reputation as a desirable community with direct access to New York,” said Marcia Kaufman, CEO of Bayport Funding. “This project is well-positioned to meet appreciating demand and deliver more densified housing to the area.”
