Kennedy Funding Completes $1.9 Million Financing for Condominiums
Loan will Re-start Construction of Stalled New York City Project
Englewood Cliffs, NJ – Kennedy Funding, Inc., one of the nation’s largest direct private lenders, has completed a $1.9 million loan for an under-construction residential condominium project in New York City. The financing, obtained by Fountainhead Financial Resources, LLC, carries an interest-only term of three years, and will re-start construction of the project.
Located at 303 W. 146th Street in Manhattan, the property was acquired by Fountainhead through foreclosure after the purchase of a $2.5 million promissory note. It consists of a 2,500-square-foot lot containing a 13,818-square-foot, seven-story building whose construction initially began in 2005. With the building’s exterior completed, remaining construction requires the build-out of the interior.
Estimated cost of completing construction is $1.16 million, and the build-out will result in two residential units on each of the seven floors, including 13 one-bedroom apartments and one studio.
“This transaction is yet another example of what continues to be a challenging lending environment as real estate continues to rebound from the effects of the recession,” says Gregg Wolfer, chief operating officer of the Englewood Cliffs, NJ-based Kennedy Funding. “Every transaction in this environment is unique in its characteristics and requirements, and each one has to be structured to meet the specific needs of everyone involved, an approach that we are fully prepared to undertake.
“In this case, the financing will support the re-start of construction for a project that has been on hold for some time,” Wolfer says. “While others may have seen uncertainty relating to this project and to the real estate market in general, we saw the opportunity for a borrower poised to complete a project in a residential marketplace that continues to improve.”
America’s leading direct, hard money lender, Kennedy Funding specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The firm’s creative financing expertise enables the closing of equity-based loans of up to 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.