Kennedy Funding Closes $1.2 Million Loan to Foreign National for Purchase of 19-Unit Apartment Building in Baltimore
Ethiopian borrower overcomes challenges of sourcing financing for real estate investment
Baltimore, MD — Kennedy Funding has closed a $1.2 million loan to finance the acquisition of a 19-unit apartment building in Baltimore, Maryland, for a foreign national investor.
The Ethiopian borrower, Cityana International Business, LLC, led by Sisay Menji Assena, is acquiring the property at 1214 Walker Avenue in northeast Baltimore. Because the borrower is a foreign national, securing conventional financing presented significant challenges, particularly within the required acquisition timeline.
Kennedy Funding structured the transaction with the borrower contributing 45% cash equity, while the firm provided the remaining 55% of the capital to complete the purchase.
The property consists of a 19-unit garden-style apartment complex, including 12 two-bedroom/one-bath units and six one-bedroom/one-bath units, and was approximately 95% occupied at closing. Located in the Idlewood area of Baltimore City, within the Idlewood/Glen Oaks/Lake Walker submarket, the asset benefits from strong residential demand in a stabilized neighborhood setting.
Foreign national borrowers often encounter additional documentation requirements, reserve mandates, and extended approval timelines when dealing with traditional lenders.
“This deal reflects what we do every day — finance transactions that conventional lenders are not equipped to handle,” said Edwin Urrego, executive loan officer at Kennedy Funding, who originated the transaction. “Foreign national borrowers frequently face additional scrutiny and delays. We were able to focus on the strength of the asset, the occupancy level, and the borrower’s equity contribution to structure a solution that worked.”
Recognized as one of the leading private land loan lenders in the world, Kennedy Funding specializes in closing complex loans quickly — often in as little as five days. As a direct lender, the firm lends its own capital without delays from loan committee bureaucratic red tape. Loans range from $1 million ($3 million internationally) up to $50 million.
Kennedy Funding President and CEO Kevin Wolfer added that the firm’s lending decisions are driven by the strength of the real estate rather than the borrower’s profile.
“We look at the complete picture,” said Wolfer. “In this case, the property was 95% occupied, and the borrower brought substantial cash equity. Our role is to recognize opportunity and provide capital when the opportunity works — even if the borrower doesn’t fit a conventional banking model.”
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1 million ($3 million internationally) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America.
