Kennedy Funding Announces Closing of $1.28 Million Land Loan for Hotel in Moses Lake, Washington
The land loan to MBrar Investments, LLC, will be used for refinancing and working capital
ENGLEWOOD, N.J., Aug. 8, 2024 /PRNewswire/ -- A $1.28 million loan will help MBrar Investments, LLC get one step closer to building a hotel in a growing residential and tourism area in Washington State.
Kennedy Funding, the Englewood, New Jersey-based direct private lender, announced today the closing of a $1.28 million loan on 17.3 acres of raw land located at 2308 West Broadway Avenue in Moses Lake, Washington. The proceeds will be used for working capital, and to pay off an existing seller note.
The borrower, MBrar Investments, went into contract to purchase the Moses Lake property in 2020 during the COVID-19 global pandemic, completing the purchase in 2021 for $2.85 million. Notably, Kennedy Funding agreed to allow the existing lien holder to subordinate another loan behind the new loan in the amount of $700,000.
"Kennedy Funding is no stranger when it comes to complex land loans, and we're renowned for our ability to find innovative ways to close deals," said Kevin Wolfer, CEO of Kennedy Funding. "We are uniquely situated to work through challenges and complexities to ensure our clients get the funding they need."
"We pride ourselves on getting clients to the closing table, regardless of obstacles," added Edwin Urrego, Executive Loan Officer at Kennedy Funding. "When a deal has merit, we will find a way to secure funding — a testament to our capabilities and our commitment to our clients."
MBrar Investments plans to construct a hotel on the property. The land is properly zoned for hotel use, and it is expected that permits to begin construction will be granted soon. The property is situated along a major thoroughfare only a few blocks from I-90, benefitting from high visibility and accessibility. According to Urrego, the land was put up as collateral.
"MBrar Investments knew we could deliver on this land loan, and our successful closure demonstrates why borrowers trust us with their most challenging projects," Urrego said. "We are proud to support developments that drive local growth and provide substantial benefits to communities."
With scenic beauty and outdoor recreational opportunities, Moses Lake attracts local tourism and new residents alike. The area, located around 2.5 hours from Seattle and directly off I-90, offers many family-friendly outdoor recreational activities year-round. It's home to the largest freshwater body in Grant County, with more than 120 miles of shoreline.
Moses Lake is experiencing a surge in developer interest. A number of tech companies have moved to the area in recent years, attracting major business and talent to the greater area. Notable companies with a presence in Moses Lake include SGL Carbon, which manufactures carbon fiber and is poised to be the largest carbon fiber plant in the world; Dell; International Paper; and Boeing. With the major tech hub of Seattle not far from Moses Lake, the area has become an ideal place for expanding companies to conduct business.
"Being the go-to source for land loans means that the developers will be able to confidently move forward with this Moses Lake project," Wolfer stated, "a hotel that will serve a growing number of visitors while helping build the community."
For more information about Kennedy Funding, visit www.kennedyfunding.com.
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America.
SOURCE Kennedy Funding
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