Bayport Funding, a direct portfolio lender for real estate investors, has announced it provided a $3.6 million loan for purchasing and constructing an East Hampton house.
Located in Northwest Woods, the one-acre property at 8 Barnes Avenue is the future home of an approximately 6,000-square-foot, modern house with a pool and a pool house.
“The East Hampton housing market remains incredibly competitive,” Marcia Kaufman, the CEO of Bayport Funding, said in a statement. “Investors are eager to stake or add to their footprint in the area due to the high volume of vacation and rental activity.”
The firm supplied funding for the DeUna Holdings project. The development company also has projects underway elsewhere in East Hampton and in Sag Harbor.
“Recognizing the significance of this potential, we sought agile financing, and Bayport delivered with impressive efficiency,” said Hezi Mena, the managing partner of DeUna Holdings. “Their unwavering support has empowered DeUna Holdings to confidently advance our plans to create an exceptional residential experience in this thriving market.”
The 1.03-acre property at 8 Barnes Avenue, in a neighborhood of mainly half-acre parcels, was created by merging two. It sold in March of 2022 for $950,000, records show. Ed Bruehl of Saunders & Associates had the listing.
Bayport Funding, based in Great Neck on Long Island and in Hollywood, Florida, provides bridge financing to real estate investors for single-family, multifamily, mixed-use and ground-up construction projects. The firm says it has originated more than $1.3 billion.
Its website shows it has provided funding for projects in Water Mill, Sag Harbor, Westhampton and Mattituck.