Kennedy Funding Closes $1.66 Million Land Loan for Dallas-Area Townhome Development
Kennedy delivers 9% interest rate for the land loan
ENGLEWOOD, N.J., April 30, 2025 /PRNewswire/ -- One of the fastest-growing metro areas in the United States is about to get much-needed new housing, thanks to a loan from Kennedy Funding.
The direct private lender closed a $1.66 million loan for borrower OFS Ventures to acquire 9.32 acres of raw land in McKinney, Texas, part of the Dallas/Fort Worth metropolitan area. OFS Ventures intends to develop 69 townhomes on the site. Proceeds of the loan will be used toward acquiring the $3.3 million property.
"Securing a 9% interest rate is a feat in the current market, especially for funding projects as untouchable as raw land," said Mark Falzone, executive loan officer at Kennedy Funding. "Our ability to secure such favorable rates for OFS Ventures is a testament to our decades of relationship-building and experience working with borrowers to secure raw land deals."
The broker on the transaction was Alex Caragiannides, a Melville, N.Y.-based veteran real estate lending expert. According to Caragiannides, he reached out to Kennedy Funding because of the firm's reputation for successfully closing land deals.
"I'm always on the lookout for ways to creatively structure financing solutions across the U.S., and working with Kevin and Mark was refreshing," Caragiannides said. "Kevin, Mark, and all the professionals at Kennedy Funding make it look easy!"
Caragiannides cited the firm's "sound process and methodology" for funding land loans as his reason for calling Kennedy first on the OFS Ventures opportunity.
"Kennedy Funding is virtually the only lender out there that will fund raw land loans and do so successfully," Caragiannides said. "No one touches land loans except for Kennedy. They are the experts."
According to Kevin Wolfer, President/CEO of Kennedy Funding, the firm's flexibility to work with borrowers on an individual, personalized basis is key to funding deals other financial institutions won't touch.
"Nearly all banks and conventional lenders have blanket policies that automatically refuse to consider any deal that involves raw land," Wolfer said. "However, we're able to investigate the merits of each deal and see the opportunity from the borrower's point of view. Through that lens, we can assess the entirety of the deal. That includes the economic circumstances and trends that influence a project's success, as they do in this deal involving building housing in a very popular major metro area."
The Dallas-Fort Worth area has experienced the most growth among all major United States metro areas. The population boomed from 7.6 million in 2020 to 8.1 million in 2023. Major companies, such as CBRE, AECOM, and Frontier Communications, have moved their corporate headquarters to Dallas in recent years. As a major metropolitan area, Dallas is a hub for culture, sports, and a thriving culinary scene, attracting residents from both within and outside the U.S. to the area.
"As the Dallas-Forth Worth population grows, the need for quality, well-located housing grows, too," said Wolfer. "The OFS Ventures project will turn this vacant space into a place that dozens of families can call home. Supporting their vision to build housing in this bustling area is a financially wise use of raw land."
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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