Englewood Cliffs, NJ – Kennedy Funding, has completed a $1.8 million loan secured by a development site in North Kingstown, Rhode Island, announced Kevin Wolfer, CEO/President of the Englewood Cliffs, NJ-based direct private lender. The borrower was property owner CIOE A34, LLC.

The collateral for the loan is a 5.31-acre parcel at Ten Rod Road in North Kingstown, currently zoned for approximately 200,000 square feet of mixed-use development. “The site has been granted master-plan approval as a transit-oriented development,” said Wolfer, noting that it is situated adjacent to the Wickford Junction MBTA commuter rail station. “The approval includes an increased residential density of 30 units per acre.”

“The site was acquired by the guarantor’s father in the early 1980s and subsequently transferred to the current ownership in August 2014 in a related party transfer,” he said.

The property, which has three access points from Ten Rod Road, is located in southeastern New England’s Providence/Fall River/Warwick metropolitan area, with a total population of more than 1.6 million. “This is an economically stable area that benefits from the vitality of major employment centers focused primarily on education and healthcare,” said Wolfer. “The region has wide access to skilled labor and venture capital, and this undeveloped site and its mixed uses has considerable potential in that context.”