Bayport Funding Launches $200M Credit Facility With Webster Bank
Bayport Funding has closed a $200 million senior credit facility with Webster Bank, with eyes toward expanding its deal footprint in the multifamily and single-family rental market, Commercial Observer has learned.
The balance sheet bridge lender announced Monday the transaction with Webster Business Credit, a division of Webster Bank, in a move that will grow Bayport from beyond the New York City metropolitan and South Florida regions it has traditionally served. Some of the new geographic areas the Webster deal adds for Bayport include Boston and Washington, D.C.
“Our ability to be prescient and stay agile in the market has been one of our key differentiators,” Marcia Kaufman, the CEO of Bayport Funding, said in a statement. “This is a strategic move that enables us to deliver on pent-up demand to develop, reposition and restrategize assets.”
The move with Webster comes amid rising interest rates and a large-scale pullback in lending from banks. Kaufman, who was promoted from Bayport’s president to CEO in January, told CO at the time that the market landscape gives Bayport a competitive edge to provide borrowers with needed short-term capital.
Great Neck, N.Y.- based Bayport focuses largely on securing bridge financing for the acquisition of distressed multifamily and residential properties for eventual stabilization. It is led by Kaufman and Ami Bar-Mashiah, who was installed as chairman in January after previously holding the CEO role.
“This transaction with our longstanding partner Webster Bank positions us to continue serving the market at a time when capital is greatly needed and enables us to reach even more investors nationally,” Jane Gol, co-founder and principal of Bayport Funding, said in a statement.
Officials at Webster Bank did not immediately return requests for comment.
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