Kennedy Funding Completes $2.338 Million Financing for South Carolina Shopping Center
Loan paid off an existing first lien on Fairfield Square
ENGLEWOOD CLIFFS, N.J., July 26, 2012 /PRNewswire/ -- Kennedy Funding, Inc. has completed a $2.338 million loan for Fairfield Square Shopping Center, a 99,345-square-foot grocery-anchored retail property in Winnsboro, SC. The financing, obtained by Fairfield Square, LLC, carries a three-year, interest-only term and paid off an existing loan on the property.
"As most agree, the real estate lending environment remains challenging," said Kevin Wolfer, CEO and president of Englewood Cliffs, New Jersey-based Kennedy Funding, one of the nation's largest direct private lenders. "Each transaction is different, requiring special attention to turn each situation into a 'win-win' for all parties involved."
"While it is more than 83% leased, Fairfield Square provides substantial upside potential," Wolfer said. "We recognized that upside potential and were able to craft a transaction that will benefit all involved, and we are prepared to continue to structure unique financings in this marketplace."
Specifically, Fairfield Square Shopping Center's upside is the fact that while Food Lion, a 1200 store supermarket chain, continues to pay rent for its 33,000-square-foot anchor unit and is committed to do so until 2018, the grocer no longer occupies the space.
"The borrower is actively negotiating a potential buyout of Food Lion's lease, and an agreement is expected to be reached soon," said Wolfer. "In addition to an anticipated payment by Food Lion, the agreement will free up a well-located anchor unit for re-leasing in a strong retail market."
Fairfield Square is situated on 16.5 acres at 29-123 US Highway 321 Bypass in Winnsboro, within the Greater Columbia metro area. Constructed in 1971, the shopping center was substantially renovated in 1998 and acquired by Fairfield Square, LLC, a local investor group, in 2006. Current tenants include Dollar General, CVS, Peebles, CitiFinancial Bank, H&R Block and China Buffet.
"Where other lenders might see uncertainty, we see an opportunity to make a difference," said Wolfer. "We will actively continue to pursue those opportunities."
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 65% 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.
SOURCE Kennedy Funding, Inc.
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