Kennedy Funding Completes $5.3 Million Note Payoff for Shopping Center
Englewood Cliffs, NJ – Kennedy Funding, one of the nation’s largest direct private lenders, has completed a $5,300,000 note payoff for Whitewater Trade Center, a 142,000-square-foot community shopping center in Connersville, Indiana. The three-year interest-only loan was made to borrower Whitewater Center, LLC.
Whitewater Trade Center consists of two retail buildings on 23 acres. The center was completed in 1991 and acquired by the borrower in 2005. Connersville is located in eastern Indiana, between Indianapolis and Richmond.
Current tenants include Rent-A-Center, Hallmark, Subway and Verizon. The financing will assist the borrower in its effort to secure new anchor tenants, replacing Wal-Mart, which constructed its own free-standing location nearby, and grocer Marsh, which consolidated its Whitewater store with another location.
“Whitewater Trade Center provides considerable upside potential for the borrower,” said Kevin Wolfer, president and CEO of Kennedy Funding. “It is important to note that this financing marks our third transaction with the borrower, clearly reflecting our confidence in their ability to achieve their goals for this property.
“Indeed, an in-depth appraisal report on the property projects that a stabilized occupancy level of 90 percent can be achieved within 24 months, and we are confident that will happen,” said Wolfer. “Each transaction is unique, requiring properly structured terms to achieve success for everyone involved. In this instance, we recognized an opportunity for the borrower to return a well-located property to the success it has enjoyed in the past.”
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 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.