Bayport Funding, a direct private bridge lender for real estate developers, has closed on a $1.85-million mid-construction loan to refinance a new, mixed-use conversion project in a prime location in Waterbury, CT’s central CBD.
Originally constructed in 1979, the repositioned and gut-renovated commercial development will deliver a three-story, elevator-serviced building spanning 23,797 square feet, including 21 apartment units and four commercial retail units. The residential units will comprise 14 three-room, one-bedroom units and seven four-room, two-bedroom units.
“Waterbury is an important Northeast city center for commerce and residential activity,” said Marcia Kaufman, CEO, Bayport Funding. “The past five years in particular has brought an uptick in housing demand for the market, and this repurposed commercial property, turned into majority residential development, is helping fill the demand for the housing shortage.”
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