Kennedy Funding Closes on Eight Properties in Six States
Transactions valued at $50 million were completed in the last 30 Days.
Englewood Cliffs, NJ, August 13, 2013 – Kennedy Funding, one of the nation’s largest direct private lenders, recently closed on the sale of eight properties in six states, with a combined loan value of $50 million. The buyer was a New York-based commercial finance firm.
“We are pleased to have completed these transactions,” said Kevin Wolfer, president and CEO of Kennedy Funding. “This was a complicated set of transactions for which we had to complete due diligence, legal work and other closing-related responsibilities in six different states. It was very difficult to pull all the parties together, but ultimately we had the expertise to be able to complete these transactions for the benefit of all concerned.”
The properties, part of a portfolio recouped by Kennedy Funding, included two in North Carolina—a residential development opportunity of 424 acres with some infrastructure in place off Highway 107 in Glenville, Jackson County; and a 575-acre residential development site near the Great Smokey Mountain Expressway in Sylva.
Others included 93 acres including a golf course, clubhouse, and residential development lots off Highway 41/51 in Johnsonville, SC; and four contiguous parcels totaling 4.84 acres in Chamblee, GA, in metro Atlanta. In Florida, Kennedy sold 500 undeveloped lots totaling 150 acres in Citrus Springs, Citrus County. In Pennsylvania, the transaction involved nine acres cleared for residential development off Churchill Lane in Lower Windsor Twp.
Finally, Kennedy sold 312.67 acres of residential land, known as the Middle Baker Ranch and the Peninsula Property on Lake Don Pedro’s lakefront in La Grange, Tuolumne County, CA. And in Pleasanton, CA, a property called Newport was sold, consisting of 51.63 acres of land zoned for residential development.
Kennedy Funding, America's leading direct private lender, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The firm's creative financing expertise enables the closing of equity-based loans of up to a 65% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.