Kennedy Funding Closes $2.05 Million Land Loan for South Dallas Real Estate Developer
N.J. lender closed loan after previous lender backed out
ENGLEWOOD, N.J. – Some much-needed new housing is coming to one of America’s fastest-growing metropolitan areas.
New Jersey-based direct private lender Kennedy Funding closed a $2,050,000 loan to The Beach Dallas LLC, to acquire 62.696 acres of raw land at 2700 Simpson Stuart Road in Dallas, Texas. The borrower is under contract to acquire the property for $3 million, and Kennedy has agreed to permit the seller to hold $1.095 million in the form of a second mortgage behind its loan.
Kennedy Funding was referred to the borrower by a broker who knew the direct private lender’s reputation for fast closings. The borrower’s initial lender failed to deliver after three years under contract to buy the property.
“We went through the entire process — completed all the documentation, performed due diligence. All of a sudden, our lender closed their office and their phones were shut off. They were out of business,” said the borrower, Christian Toxboe. “Edwin and the Kennedy team came through for us, especially after going through the ringer with the other lender. They were absolutely amazing to work with.”
“What happened to Christian could have happened to anyone, and it illustrates just how often we see borrowers up against the clock because other lenders can’t close on time,” said Edwin Urrego, Executive Loan Officer at Kennedy Funding. “That’s why choosing the right lender is often the difference between success and failure — and saving or losing huge amounts of money.”
Even when the borrower’s credit is an issue, as in this case, Kennedy can close a land loan fast and on time for virtually any purpose: acquisition, development, workout — you name it,” he adds. “Banks and other traditional lenders won’t even look at the deal.”
“We’re not scrutinizing your credit history when we evaluate the current opportunity that’s on the table,” he said.
That same logic — focusing on the deal itself and the value of the land — is why Kennedy wasn’t deterred from lending on a project in Dallas, a city known for its lengthy and strict permitting process.
“Our process is about lending based on the project’s potential,” Urrego said. “Nearly 178,000 people moved to Dallas between July 2023 and July 2024. They all need a place to live, which makes projects like this one spearheaded by The Beach Dallas highly lucrative.”
The property is located in an area of South Dallas that’s well-serviced by a broader regional highway network, including Interstate 20. Residents of the future housing development at 2700 Simpson Stuart Road will have easy access to downtown Dallas and Dallas Fort Worth International Airport. The future development is located near two colleges, University of North Texas — Dallas and Paul Quinn College. The area’s highly skilled workforce, in turn, is highly desirable to the growing number of companies opening offices in, or relocating to, the Dallas-Fort Worth area.
“Half of the fastest-growing cities in the U.S. are in Texas, presenting an incredible opportunity for borrowers like The Beach Dallas to invest in their communities,” said Kevin Wolfer, CEO and President, Kennedy Funding. He added that this is the second Dallas-area loan the direct private lending firm closed this year.
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 international) 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.
