ENGLEWOOD CLIFFS, N.J., Jan. 14, 2014 /PRNewswire/ -- Kennedy Funding has closed a $28.86 million note sale for Braffits Creek Estates, LLC, announced Kevin Wolfer, president and CEO of the direct private lender. Kennedy Funding had previously provided a loan in that amount to the borrower, secured by 2,654 acres of land at Cedar Mountain, Iron County, Utah.
Located just 10 miles from the noted Brian Head Ski Resort in Cedar City, Utah, the site's initial phase was approved for residential development, including 145 five-acre "off the grid" lots, of which most have been sold and improved with homes. Phase two was approved for 239 five-acre lots, followed by a 1,028-acre phase three zoned for 20-acre lots. The master plan also calls for a hotel, spa and an 18-hole golf course. The borrower has also spent more than $10 million on infrastructure improvements.
"When the borrower initially approached us, they needed a loan to move the project forward," said Wolfer. "The project has seen a great deal of progress, and we are pleased to have been able to complete the note sale.
"Lending for residential has become an important part of what we do," said Wolfer. "It is arguably the strongest real estate sector right now, and when it's paired with recreational and resort uses, or has them in close proximity, that is all the more attractive as an opportunity. In addition to the financing and eventual note sale for the Cedar Mountain, Utah property, our firm has recently provided financing for similar projects in such diverse—and international—locations as Johnsonville, SC, Tampa, FL and the Dominican Republic.
Kennedy Funding, America's leading direct private lender, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The company has closed over $2.5 billion in loans to date. The firm's creative financing expertise enables the closing of equity-based loans of up to a 70% 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