Kennedy Funding Closes A $1.705 Million Loan for East Windsor, New Jersey Assisted Living Facility
Loan proceeds to be used for working capital for a new 148-bed memory care facility
Englewood Cliffs, New Jersey – Kennedy Funding, a direct private lender based in Englewood Cliffs, New Jersey has closed on a $1.705 million loan to EW Acquisition LLC. The loan proceeds will be used for working capital and to fund infrastructure improvements at The Seasons at East Windsor, a proposed 121-unit/148-bed assisted living facility located at 359 Princeton Road in East Windsor, New Jersey.
The property was purchased in July 2005 for $625,000. The 89,038 square foot improvements are scheduled for completion in 2017 and situated on a 3.97-acre site. The development will contain a mix of assisted and memory care units.
“We are always excited to be lending for housing for seniors,” says Kevin Wolfer, president and CEO of Kennedy Funding. “There is a tremendous need for senior housing. In New Jersey in particular, we seek out opportunities in that sector. We know that senior housing occupancy increased during the third quarter of 2016. That coupled with the aging population, bodes well for the success of this type of housing.
“Furthermore, the Trenton area is rich in terms of employment. Princeton University, Merrill Lynch and Bristol-Myers Squibb are just a few of the major employers, so population count is high.”
Despite the optimism in the lending market regarding easing of credit, it is still a major challenge to secure commercial real estate loans today. Kennedy Funding has earned an enviable reputation for providing fast short-term loans when banks and other conventional lenders cannot deliver.
About Kennedy Funding:
Kennedy Funding, a nationwide direct private lender, specializes in bridge loans for commercial property including land, acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed in excess of $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans up to a 75% 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.