Bayport Funding, a direct private bridge lender for real estate developers, has provided a $4.85 million refinance and construction loan for a nearly 20,000SF, mixed-use development comprising 15 residential units on Broad Street in Elizabeth, NJ. With immediate access to NJ Transit via the Elizabeth rail station across the street, this 1920s constructed commercial building was identified by the developer as ideal for adaptive reuse into transit-oriented, workforce housing with ground floor retail servicing the needs of the immediate area.
“North Jersey is one of the country’s most ascendant residential markets, and Elizabeth, NJ, with its recent infrastructure investments, NJ has emerged as a key piece of the region’s real estate landscape,” said Marcia Kaufman, CEO, Bayport Funding. “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.”
Elizabeth, NJ is near Newark Liberty International Airport and just 20 minutes from Manhattan by NJ Transit or car, making the city a well-connected transportation and commuting location. The area itself is also home to a wide variety of restaurants, parks, schools, and shopping centers— most famously IKEA and The Mills at Jersey Gardens—offering a balanced lifestyle for residents.
