Bayport Funding provides $3.4 Million in Philadelphia, PA construction loans

Philadelphia, PA — Bayport Funding has provided a $2.15 million construction loan for a new ground-up multifamily development on West Girard Ave. in North Philadelphia. The five-story, 10,763 s/f rental building will feature 13 modern apartment units, a basement, and elevator service.

“We’re seeing continued strength in Philadelphia’s rental market, particularly for thoughtfully designed, mid-sized apartment buildings that cater to local demand,” said Marcia Kaufman, CEO of Bayport Funding. “This project represents the kind of smart, well-located development that meets today’s housing needs while supporting the city’s growth.”

Residents will enjoy immediate access to neighborhood shopping, dining, and recreational options, along with convenient connections to public transportation across the city.

In West Kensington neighborhood of Philadelphia, Bayport Funding has provided a $1.25 million construction loan for a ground-up multifamily development on West Huntingdon St. The three-story, corner-lot building will comprise seven apartment units, in addition to a cellar.

“Philadelphia continues to show strong fundamentals driven by sustained rental demand,” said Kaufman. “This project will bring a high-quality product to a market seeing renewed population growth as one of the most in-demand East Coast cities.”

The building will provide residents with immediate access to shopping, dining, and recreational options, as well as convenient connections to the city’s transit systems.