LONG BEACH, Miss., Jan. 20, 2015 /PRNewswire/ -- Kennedy Funding Financial LLC has closed a $1.775 million loan backed by a 209-acre development site in Long Beach, MS, announced Gregg Wolfer, Chief Operating Officer of the Englewood Cliffs, NJ-based direct private lender. The two-year, interest-only funding was obtained by Castine Pointe, LLC.
The lender was Castine Pointe Lender, LLC.
Known as Castine Pointe, the undeveloped property was acquired in 2006 by the borrower, a local development/investment group, for $6 million. "The borrower, who is planning to use the loan proceeds to acquire an unrelated property, has since successfully had the zoning changed to a higher-density mixed-use," said Wolfer.
"The property is currently listed for sale with an asking price of $8 million," added Gregg Wolfer. "Given its prime location near resorts and other amenities, the offering is expected to attract considerable interest."
Located at 28th Street and Klondyke Road in Long Beach, Harrison County, the property is situated along the coast of the Gulf of Mexico, near the city of Gulfport and west of Biloxi. Castine Point has direct access to public water and sewer, as well as frontage along both 28th Street and Klondyke Road.
The wooded site is targeted for a major mixed-use project, but no site work has been completed to date. Current zoning is for a mix of low-density, multi-family and single-family residential, as well as commercial development.
Kennedy Funding Financial, LLC, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have 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 Financial, LLC continues to actively seek new funding opportunities throughout the world.
SOURCE Kennedy Funding Financial, LLC