Kennedy Funding Completes $1.65 Million Loan for Florida Commercial Nursery
The financing was utilized to complete the acquisition of a two-site container operation
Englewood Cliffs, NJ – Kennedy Funding LLC has closed a $1.65 million loan for commercial nursery properties in Florida, announced Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lender. The two-year, interest-only loan was obtained by Jolly Products & Services, Inc. and Peckett’s, Inc., operators of Round Lake Road Nursery in Apopka, FL, and will be serviced by KFF.
“The borrower has just purchased two large nurseries with greenhouses totaling in excess of 800,000 square feet for $2 million,” said Kevin Wolfer CEO of KFF. “We provided $1.65 million toward the acquisition. On a cost basis, we lent 82% of the purchase price.”
The loan collateral includes a 498,000-square-foot commercial container nursery on 19.8 acres at 5643-5715 Round Lake Road in Apopka, with improvements constructed between 1978 and 2008. The second property, situated at 6448 Plymouth Sorrento Road in Apopka, contains 305,248 square feet on 22.11 acres. The new ownership plans to continue operating the properties as a nursery.
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 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.