Kennedy Funding Closes Florida Raw Land Loan in 7 Days at 6% Interest Rate
Direct private lender helps close a $4.85 Million land purchase for Future Alzheimer's Facility
JACKSONVILLE, Fla., Aug. 23, 2022 /PRNewswire/ -- A new Alzheimer's disease care home is coming to Jacksonville, Florida, thanks to a loan closed in just one week from direct private lender Kennedy Funding.
The Englewood, New Jersey-based firm announced today that it has closed a land loan to BBKR Development Partners LLC and Village Green Alzheimer's Care Home LLC. Loan proceeds will be used to acquire 8.42 acres of raw land at the northeast corner of Kernan Boulevard and Beach Boulevard in Jacksonville.
According to Kennedy Funding CEO and President Kevin Wolfer, the loan was notable given its rapid seven-day turnaround and low 6% interest rate.
"Turnaround in a week is unheard of with a traditional lender, and especially when it comes to raw land," said Wolfer. "And in light of rising interest on lending, securing a low 6% rate for our client was an impressive achievement."
"We knew we could turn this loan around within one week," Wolfer continued, "and looking at the merits of the deal, we were confident enough in its success to offer a low interest rate."
According to Wolfer, Kennedy Funding stepped in when senior loan officer Mark Falzone heard from Mike Hernandez, a commercial broker with the Las Vegas firm Fund My Biz. Hernandez's client's equity partner had backed out of a purchase-sell agreement 12 days before loan closing. The borrower had been in underwriting with a bank for two weeks and never expected the loan not to close, and a fast solution was necessary to avoid a major monetary loss.
Hernandez knew that only Kennedy Funding could get to closing quickly. Within 24 hours of hearing from Hernandez, Falzone had drawn up a letter of interest. Six days later — seven days total after the initial inquiry — the loan was closed.
"Mark Falzone and Kennedy Funding are the go-to resources for fast closings," Hernandez said. "Working with Mark was great. Kennedy Funding was straightforward and responsive. I've never dealt with a more efficient lender — such smooth, phenomenal communication, and fully transparent."
"When looking at the merits of this deal," said Falzone, "it was clear that our borrower's vision for this project was documented and approved. And where traditional financing institutions remain reluctant to lend on raw land, we knew the deal was strong enough that a fast turnaround and low interest rate were realistic."
A major Florida metropolis, Jacksonville is home to more than 902,000 residents, a figure that has grown steadily over time. More than one in 10 of these residents are age 60 and older, making the city a viable home for a center that focuses on Alzheimer's, a disease that affects an estimated 5.8 million American adults.
The property is directly on U.S. Route 90 and Florida State Route 212. The proposed new development is a roughly 20-minute drive from downtown Jacksonville. It is also easily accessible to Interstates 10, 95, and 295.
"New developments in this area of Florida can help support a growing older adult population in Florida's most populous city," Wolfer said.
Kennedy Funding offers loan amounts from $1 million to $50+ million. For more information or to begin an application, 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. Its 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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