Kennedy Funding Secures $3.75 Million Loan for New Development
Kennedy Funding Closes a $3.75 Million Loan for Mixed-Use Project
In an impressive display of agility, direct private lender Kennedy Funding has successfully closed a $3.75 million loan to support a significant mixed-use development. This project is set to transform a 39.88-acre parcel into a bustling hub designed to cater to the growing needs of local residents.
Creative Financing Solutions Address Urgent Needs
When circumstances took a turn and the project's initial financing partner withdrew, Kennedy Funding stepped in without delay. The loan was awarded to Apopka Two Holdings, LLC, intended for land acquisition as well as essential working capital to enhance the necessary infrastructure for the development.
Fast-Track Closures in a Tight Market
Kevin Wolfer, the CEO of Kennedy Funding, noted how Apopka Two Holdings faced complications with a local lender which led to a time-sensitive predicament. Broker Jacques Duverger was compelled to reach out to Kennedy Funding, drawn by their known expertise in rapidly closing loans, especially in instances involving raw land.
Overcoming Hurdles Together
Duverger expressed high regard for Kennedy Funding's commitment, stating, "The professionals at Kennedy Funding were incredible and tenacious. They found a way to overcome obstacles so we could close in the nick of time."
Maintaining Integrity in the Industry
James Marshall, a Managing Partner at Benge Development, highlighted the importance of their swift efforts. He pointed out that they were investing time and resources before facing unexpected issues at the last moment, making Kennedy’s timely intervention pivotal.
Infrastructure Plans for the Future
The ambitious development plans include commercial and retail spaces alongside nearly 300 townhomes, strategically situated at a prominent intersection that promises easy access to critical transport routes. This site has been under contract for an extensive period, with extensive planning and approvals conducted with local authorities.
Community Development and Engagement
Marshall noted the project’s substantial contributions to community housing, emphasizing the enthusiasm among local leaders regarding the development's potential. "Kennedy recognized the value in this project from Day One and worked closely with us to ensure its success," he added.
Acknowledging the Project's Complexities
Mark Falzone, Executive Loan Officer at Kennedy Funding, remarked on the intricacies involved in structuring the deal, which accounted for several legislative and financing challenges faced by the developers. Kennedy's adeptness in navigating these hurdles allowed for a successful closing.
Meeting the Demand for Housing
With Florida experiencing significant population growth, evident through the addition of hundreds of thousands of new residents annually, demand for housing is soaring. The Orlando-Kissimmee area alone added close to 55,000 newcomers within a single year, emphasizing the necessity for developments like this.
Commitment to Progress and Development
Kevin Wolfer reiterated Kennedy Funding’s proactive approach, stating, "Central Florida continues to experience substantial population growth. Our ability to navigate complex deals and quickly step in when needed is what sets us apart." The company takes pride in facilitating projects that enhance the community by providing much-needed development.
Frequently Asked Questions
What is the purpose of the $3.75 million loan?
The loan is intended for land acquisition and infrastructure improvements for a mixed-use development project.
Who is funding the mixed-use development?
Kennedy Funding, a direct private lender, is providing the necessary financing.
What types of buildings are included in the development plans?
The development will feature commercial spaces, retail establishments, and nearly 300 townhomes.
How has Kennedy Funding impacted this project?
Kennedy Funding's timely response and experience allowed the project to proceed after the initial lender withdrew.
Why is this development important for the community?
It will provide much-needed housing and amenities, accommodating the growing population in the area.
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