Kennedy Funding Closes Land Loan to Oklahoma Developer
$1,050,000 loan on raw land closed in just 10 days
ENGLEWOOD CLIFFS, N.J., Nov. 22, 2019 /PRNewswire/ -- Loans usually take months to close, but one Oklahoma developer only had to wait 10 days after accepting the loan offer, thanks to Kennedy Funding.
The Englewood Cliffs, New Jersey-based direct private lender announced the closing of a $1.05 million loan to Alfresco Group, LLC. Proceeds of the loan will be used to finance soft costs/working capital for a proposed new development on 21.98 acres of raw land in Tulsa, Oklahoma.
According to Kevin Wolfer, CEO of Kennedy Funding, the borrower plans to develop the raw land into a multi-use property that includes multifamily housing, retail space, and a boutique hotel. The proceeds of the loan will be used for site preparation, working capital, and soft costs for site construction.
Wolfer says that securing a loan in such a short timespan, particularly on raw land, is no easy feat for a lender.
"Traditional lenders often take months to close loans because they are deeply risk-averse and slow-moving," said Wolfer. "Because our dedicated team does not have the same restrictions as a bank, when our team performed its due diligence, we were able to see the project for what it will be, as opposed to what it isn't."
Located at the intersection of 36th St N and MLK Jr. Blvd just north of Gilcrease Expressway, the property is comprised of three adjacent but separately-platted parcels of land. The subdivisions were purchased in three stages, in 2018 and 2019.
The property is located just steps east of many shopping and tourism destinations, and is minutes from multiple institutions of higher learning. Osage Casino is right down the road, while downtown Tulsa is four miles away. Future residents and hotel guests will be a 10-minute drive from the University of Tulsa, and a 20-minute drive from Oral Roberts University. The Tulsa International Airport and several major highways—including US Route 75, US Routes 412 and 64, and Interstates 44 and 244—are easily accessible from the property.
"A multi-use property which serves residents of Tulsa and visitors to Tulsa alike will thrive in this growing area," Wolfer said.
Located at the base of the Ozark Mountains, Tulsa is the state's second biggest city at more than 400,000 people. Nearly one million people live in Tulsa's metropolitan area. The city is the county seat of Tulsa County, the most densely-populated county in Oklahoma.
"This development will offer not just new housing opportunities for college students, young professionals, couples, and families, but additional shopping opportunities and a luxurious hotel located a quick drive from all of Tulsa's biggest attractions," Wolfer said.
About Kennedy Funding
Kennedy Funding is a nationwide direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed over $3 billion in loans to date. Their creative financing expertise enables the closing of loans of up to 75% loan-to-value, from $1 million to over $50 million, in as little as five days.
SOURCE Kennedy Funding
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