Kennedy Funding Closes $3 Million Loan for Cold Storage Facility
Construction on 188,200-SF cold storage building can now commence
Kennedy Funding, an internationally recognized direct private lender, has successfully secured a $3 million cash-out refinance loan, demonstrating their adeptness in navigating complex financial scenarios. This transaction, involving a foreign national borrower, is a testament to their ability to close loans where others might falter.
The loan proceeds are earmarked for the debt payoff related to a cold storage facility currently under construction. This facility is located in Lynden, a semi-rural community near the Canadian border. According to Steve Rogovich, the senior loan officer at Kennedy Funding, the borrower faced several complications that rendered obtaining a loan from traditional banks virtually impossible.
Expressing satisfaction with the process, Greg Satterfield, a partner at Crux Commercial Partners who facilitated the deal, stated, "No one but Kennedy Funding could handle this loan. They provided perfect timing and were incredibly accommodating, granting extensions and modifying the loan-to-value ratio based on initial appraisals, which ultimately led us to successfully finalize the project."
Challenges included issues with partnerships and a mechanic's lien against the property, adding complexity to the transaction that Rogovich successfully navigated.
According to Rogovich, who has been an integral part of Kennedy Funding since its inception, his extensive experience in the lending industry equipped him with the necessary skills to tackle such intricate deals. He remarked, "Having been in this industry for a long time, I have seen a multitude of unique opportunities arise. Each transaction deepens my understanding and prepares me for even more complicated challenges in the future, whether that pertains to the property type, geographic location, partnership disputes, or a combination of these factors."
Kennedy Funding CEO Kevin Wolfer emphasized the company’s commitment to tackling difficult financial challenges, saying, "Our 30 years in business have established Kennedy Funding as a leader in overcoming the most challenging deals. Brokers and potential borrowers globally are familiar with our strong track record, and they naturally turn to us when facing daunting tasks."
The property in question spans 18.47 acres, consisting of three separate parcels situated at 675 Redwood Road in Lynden. It is accessible approximately eight miles east of Highway I-5 and 15 miles north of Bellingham, the primary city in Whatcom County. Previously, the borrower acquired these parcels for $4.8 million, and plans are set to develop a 188,200-square-foot cold storage facility on the property, which is already equipped with foundational infrastructure complete for construction.
Lynden is leveraging its agricultural heritage to shape its future growth strategy. Major investments in agricultural resources and land preservation for farming purposes are significant aspects of Lynden's long-term planning. This, in turn, complements the region's active involvement in dairy farming, berry farming, and row crop cultivation.
Rogovich highlighted, "The cold storage facility will provide essential support for agricultural businesses in the area. Alliance USA is strategically positioned to capitalize on the ongoing growth within the region, making this a timely development."
Kennedy Funding offers a breadth of loan amounts ranging from $1 million to $50 million, with loan-to-value ratios reaching up to 75%. This flexibility, paired with their innovative funding solutions available typically in five days, keeps them at the forefront of the financial lending sector.
To discover more about their offerings, interested parties can visit www.KennedyFunding.com.
About Kennedy Funding
Kennedy Funding specializes in providing direct private lending solutions, notably in bridge loans for commercial property and land acquisition, as well as development, workout situations, bankruptcies, and foreclosures. With a history of closing over $4 billion in loans, their expertise in creative financing allows them to fund projects swiftly, with an emphasis on flexibility and service that sets them apart in the industry. Their operations extend across the United States, the Caribbean, Europe, Canada, and Central and South America.
Learn more about their commitment to making financing accessible by visiting www.kennedyfunding.com.
Frequently Asked Questions
What is the primary service offered by Kennedy Funding?
Kennedy Funding specializes in providing bridge loans for commercial property, land acquisition, and other complex financial situations.
How much has Kennedy Funding closed in loans?
Kennedy Funding has successfully closed over $4 billion in loans throughout its operation.
What types of loans does Kennedy Funding provide?
They provide loans ranging from $1 million to $50 million, with creative financing solutions that can cater to unique needs.
What challenges did Kennedy Funding overcome in the recent transaction?
Kennedy Funding navigated several complexities including partnership issues and a mechanic's lien, which made securing traditional financing difficult for the borrower.
Where is the cold storage facility being built?
The cold storage facility is under construction in Lynden, Washington, situated on an industrial site comprising three parcels of land.
