Kennedy Funding Closes Note Purchase and Refinancing Transactions in Oklahoma and Illinois
Englewood Cliffs, NJ – Kennedy Funding, Inc., one of the nation’s largest direct private lenders, has closed on a $2.8 million note purchase and on a $1.2 million refinancing/construction loan. The transactions include a retail property in Oklahoma and a residential condominium in Illinois.
In Mustang, OK, Kennedy has completed the note purchase of a non-performing loan in the original amount of $3,468,320 for Silver City Town Center, an 88,999-square-foot retail center on 10.3 acres, five miles west of Oklahoma City. The loan purchaser was a limited liability company, and the loan borrower was Silver City Town Center, LLC. Under the terms of the transaction, Silver City Town Center, LLC has been granted the option to re-purchase the loan.
Originally constructed in 1976, the property was acquired by Silver City Town Center, LLC from its original owner in 2007. Approximately 55% occupied the time of the latest transaction, the center is anchored by general merchandiser Tractor Supply Company. Other tenants include the Salvation Army, The Vine, and UrgentCare, and Taco Bell and KFC occupy company-owned out-parcels.
In Chicago, Kennedy Funding has completed a $1.2 million refinancing of Wrightwood Crossing, a residential condominium in the city’s upscale Lincoln Park section. The lender was 1307 W. Wrightwood Lender, LLC, a newly formed New Jersey company, and the borrower was 1307 W. Wrightwood II, LLC, an Illinois company. The transaction carries a term of three years, interest only.
Wrightwood Crossing consists of 19 residential units ranging from 1,510 to 2,720 square feet and one 4,370-square-foot unit, with 15 of the units having been sold at the time of closing. The four-story, 37,638-square-foot brick veneered elevator building’s 0.6-acre site includes a 33-space parking garage below the units.
“These transactions are examples of a lending environment for real estate that continues to be challenging,” says Gregg Wolfer, chief operating officer of Kennedy Funding. “In this environment, we don’t have ‘cookie cutter’ rules like banks and other traditional lenders. We don’t expect every transaction to fit the same mold, and often, transactions have to be uniquely structured to meet the very specific needs of everyone involved.”
“We look at each loan on its merits,” Wolfer says. “We see opportunity where others might see uncertainty and complication.”
America’s leading direct, hard money lender, Kennedy Funding specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, foreclosures and note purchases. The firm’s creative financing expertise enables the closing of equity-based loans of up to 75% loan-to-value, from $1 million to more than $25+ million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.