Bayport Funding, a Great Neck, N.Y.-based bridge lender for real estate developers, has provided a $4.85 million refinance and construction loan for nearly 20,000 square feet of mixed-use development comprising 15 residential units on Broad Street in Elizabeth.
The building was identified by the developer as ideal for adaptive reuse into transit-oriented, workforce housing with ground-floor retail offerings.
“North Jersey is one of the country’s most ascendant residential markets, and Elizabeth, with its recent infrastructure investments, has emerged as a key piece of the region’s real estate landscape,” said Marcia Kaufman, chief executive officer at 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.”
In recent years, apartment buildings have sprung up around the midtown Elizabeth train station for commuters priced out of the New York City and Hudson County rental markets.
The property, built in the 1920s, is located across the street from the NJ Transit midtown train station that provides direct access to New York City. Passengers can get to Manhattan in 20 minutes from midtown Elizabeth. The station was reopened a year ago after a $74.5 million renovation project added platform capacity and access with upgraded elevators and additional staircases, new station buildings and a renovated public plaza.
Elizabeth is 10 minutes from Newark Liberty International Airport and just 20 minutes from Manhattan by NJ Transit, 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, among them IKEA and The Mills at Jersey Gardens.
