Kennedy Funding Closes $3.41 Million Loan Secured by Pennsylvania Industrial Property
Proceeds will pay off an existing mortgage and secure a first lien
Englewood Cliffs, NJ – Kennedy Funding LLC (KFF) has completed a $3.41 million loan secured by a multi-building industrial facility in Franklin County, PA, announced Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lender. The two-year, interest only-loan was secured by Foremost Realty Holdings, LLC, an affiliate of homebuilder Foremost Industries, Inc. The lender was Foremost Realty Lender, LLC, and the funding will be serviced by KFF.
“The borrower recently acquired the company owning the collateral for $5.5 million, paying $2.9 million in cash to the seller and assuming the existing Susquehanna First Mortgage of $2.6 million,” said Wolfer. “Our loan will pay off that mortgage, and the borrower also pledged a 6,700-square-foot office building in Greencastle, PA.
“This type of asset, especially when owner-occupied, is challenging and difficult to get loans placed for,” said Wolfer. “However, based on the strength of the borrower and the value of the collateral, we were able to get the loan closed.”
The collateral consists of a 260,000-square-foot, three-building industrial property on 52.68 acres at 6100 Buchanan Trail West in Montgomery and Peters Townships, Franklin County. Constructed in 2005, the property includes a combination of lumber storage, a modular plant utilized for the assemblage of components for modular homes, and an office component of approximately 4,500 square feet.
Buchanan Trail is also known as Route 16, a well-traveled route with access to Route 416 to the Maryland line and I-70. The site is also accessible to I-81.
Kennedy Funding, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.