Kennedy Funding Completes $2.55 Million Refinancing for Florida Land Portfolio
Funding will support improvements to Tampa area properties
Englewood Cliffs, NJ – Kennedy Funding, one of the nation’s largest direct private lenders, has completed a $2.55 million, four-year, interest-only refinancing for a four-property land portfolio in Hillsborough County, Fla., in the Tampa metro area. The borrower was Spencer Farms, Inc., which currently leases out most of the portfolio for agricultural purposes.
“The proceeds of this refinancing will be utilized primarily to make improvements to obtain the necessary permits to take the properties to the next stage,” said Gregg Wolfer, COO of Kennedy Funding.
The properties include Spencer Creek West, a 47-acre tract in Ruskin, approved for 188 single-family homes, currently utilized as agricultural crop land. Spencer Ridge West is a 37-acre tract in Ruskin, platted for 99 single-family homes and similarly utilized for agricultural purposes. Stephens Road Land, also in Ruskin, comprises a total of 109 acres currently zoned for agricultural rural. And Riverview Meadows in Riverview is a two-phase, single-family subdivision, with a first phase of 25 acres consisting of 88 lots and a 15-acre second phase of 97 single-family homesites.
“Riverview’s phase one has already been sold to homebuilder D.R. Horton, and phase two is under contract to D.R. Horton for $2.3 million,” said Wolfer. “Completion of the phase two sale is contingent upon the seller completing certain things. The refinancing will address that, as well as making improvements to the other sites.”
Kennedy Funding, America’s leading direct private lender, 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 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.