Kennedy Funding Completes $1.6 Million Loan for Development Site
Property is cleared for development of 162,000 square feet of commercial/residential
Colchester, CT – Kennedy Funding (KFF) has closed a $1.6 million loan for a 16-acre development site in Colchester, announced Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lender. The property is situated in southeastern Connecticut’s New London County.
The two-year, interest-only funding was provided to Settlers Greene, LLC, an affiliate of owner J Healy Builders LLC, and will be serviced by KFF according to Wolfer.
Known as Settlers Greene, the property is situated at 312 Lebanon Avenue in Colchester. “Lebanon Avenue doubles as Route 16, an important connector to downtown Colchester, making it a prime development site,” said Wolfer.
Acquired by the borrower in 2004 as raw land for $980,000, the property has since undergone $920,000 of architectural, engineering and legal work to obtain development approvals from the Colchester Planning and Zoning Commission for mixed-use residential and commercial condominium development.
“The site is currently cleared for development of 67 units totaling nearly 162,000 square feet,” said Wolfer. “That includes 43 townhouse units, 20 live/work units, and four apartments. Well-located sites with approvals in place are an important part of any local economy, and we are pleased to be able to provide the necessary financing.”
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 more than $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 75% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days, including just two days for commitment and just days to subsequently close. Kennedy Funding continues to actively seek new funding opportunities throughout the world.