Kennedy Funding Completes $2 Million Financing for New Jersey Commercial Property
The 4.2-acre site is set for renovation and redevelopment
Englewood Cliffs, NJ, November 22, 2013 – Kennedy Funding Financial, LLC, one of the nation’s largest direct private lenders, has completed a $2 million loan for a 4.2-acre commercial property in Belleville, New Jersey. The three-year, interest-only financing was obtained for Belleville Development Group, LLC.
The collateral is a 4.2-acre site located at 630-632 Washington Avenue in Belleville, a property acquired by the borrower for $4.45 million earlier this year. Proceeds of the loan will be used to pay a $400,000 seller mortgage, and for working capital, infrastructure costs and soft costs.
“The property has considerable upside potential relating to its redevelopment, including preliminary approval to construct a mixed-use development on a 3.6-acre portion of the site,” said Kevin Wolfer, president and CEO of the Englewood Cliffs, NJ-based Kennedy Funding. “That portion of the site previously held a vacant industrial building that was demolished in 2011, and it will be reborn as a vibrant commercial property.”
Plans for 632 Washington Ave. call for two buildings containing 135 residential units and 20,665 square feet of retail and restaurant space, as well as 334 parking spaces. “Residential and retail are both strong performers in this market, and this site is ideal for those uses,” said Wolfer.
The adjacent 630 Washington Avenue contains a vacant, 6,384-square-foot office building constructed in 1999. Preliminary approval has also been obtained for a complete renovation of the existing structure, preparing it to be marketed for professional uses. Both sites are bordered by the Paterson and Newark Branch of the Erie Railroad.
Kennedy Funding, America's leading direct private lender, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The company has closed over $2 Billion in loans to date. 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.