6A — May 2024 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest
CEO Marcia Kaufman spearheads real estate funding strategy Bayport Funding leads a fix-and-flip resurgence in New Jersey
G REAT NECK, NY — One of the North- east’s premier real
home or converting a two-unit house into four or eight units. With Bayport’s strategic fund - ing solutions, these multifam- ily investors can play a crucial role in addressing New Jersey’s urgent need for more housing.” Bayport Funding’s experi - ence in fix-and-flip and mul - tifamily home lending shows in their success rates. The balance sheet lender is pro- foundly productive, with more than $30 million in loans closed monthly; their assets under management exceed $350 million. To date, the firm has originated nearly $2 billion in loans. That’s a lot of hands-on experience — and an immense track record — that investors in New Jersey can benefit from, even though interest rates are high. “Experienced borrowers choose Bayport because they recognize the critical impor- tance of time and tailored fund- ing solutions,” Kaufman ex- plained. “Our offerings in bridge and short-term debt financing are strategically crafted for those who mean business, not for consumer use.” Kaufman added that multi- ple New Jersey municipalities offer incentives to developers to build multifamily housing. In combination with a bridge loan from a lender like Bay- port Funding, developers can move to construction much faster, resulting in better prof- itability for investors. “Those incentives are terrific and have been a big plus for developers,” Kaufman said. Kaufman explained that a significant number of investors are turning away from New York and focusing their efforts on the Garden State, since New York’s supply is even more stringent and more expensive than New Jersey’s. Even with these moves, Kaufman notices many similarities between New York and New Jersey’s multifamily markets. “New Jersey, especially the northern region, shares many lending characteristics with New York,” Kaufman stated. “Supporting our developers as they expand into this area has been a strategic and seamless progression.” Kaufman called attention to Jersey City as a prime example of the multifamily fix-and-flip scenarios long seen in New York. “Fix-and-flippers are coming continued on page 20A
struction and 1 - 4 unit mul- tifamily opportunities. With more than 30 years of experi- ence in the mortgage banking and real estate industries, Kaufman and Bayport Fund- ing are known for their proac- tive approach to overcoming market challenges and capital- izing on opportunities in the real estate investment market. Even while other lenders are shying away in a crowded mar- ket, Kaufman sees Bayport’s expedited funding strategy as the key to growth in the Garden State. “Our ability to close loans
swiftly, often within 72 hours, is not just a testament to our operational efficiency but also to our deep commitment to the real estate developers we serve. This speed, combined with our hands-on approach, ensures that projects move forward without delay, reflect - ing our overall agility and responsiveness in the face of evolving market dynamics,” Kaufman concluded. The housing supply is low in New Jersey and in other desirable areas around the U.S. due to the number of buyers who secured ultra-
low interest rates during the COVID-19 pandemic. Even in light of that reality, real estate developers still have lucrative opportunities — if they know where to look. “Throughout New Jersey, we’re seeing experienced fix- and-flippers rejuvenating neighborhoods by renovat- ing aging housing stock and reselling it, often to an end user,” said Kaufman. “These investors are not just revital- izing properties; they are also significantly increasing hous - ing availability, whether by transforming a single-family
estate lend- ing experts is bullish on New Jersey’s multifamily market. Ma r c i a Kaufman , CEO of Great Neck, NY- based Bay-
Marcia Kaufman
port Funding , specializes in securing bridge financing for real estate investors seeking fix and flip, ground-up con-
OGELSVILLE, PA — Cronheim Mortgage secured $56.3 million in permanent financing for the Lehigh Hills Apartments, a 273-unit residential apartment community located at 100 Aviv St. in Fogelsville. Andrew Stewart, Dev Morris, and Allison Villamagna secured the financing on behalf of the Kushner Real Estate Group and the Sil- verman Group . Having previously arranged $117.5 MM of financing for the same ownership group for their Madison Farms development project featuring 570 residential units and 152,000 s/f of adjacent re- tail, the Cronheim Team was familiar with the project, sponsors, and
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