ENGLEWOOD CLIFFS, NJ, June 8, 2021 / PRNewswire / – Kennedy Funding, a New Jerseydirect private lender, today announced that it has closed a $ 2.475 million ready to Colorado real estate developer Ban RE Group. The proceeds of the loan will be used for debt repayment and working capital on 180.64 acres of land in Bennett, Colorado.
The raw land is an extension of the Antelope Hills residential development, located 45 minutes east of Denver. The developer plans to build 149 new single-family homes on this new extension of the property.
“This land loan helps our borrower to refinance and access the capital necessary to continue investing in the development of Antelope Hills,” said Kevin wolfer, CEO, Kennedy Funding.
Wolfer said the borrower encountered difficulty working with a conventional lender due to difficulties with land loans.
âWe bring decades of experience in making difficult, non-traditional loans, including land loans like the one we made for the Ban RE Group,â Wolfer said.
âThere were a lot of challenges and so many moving parts on this loan, especially when it comes to a land loan,â added Kimmy Humphrey, Director of Capital Atlantic Solutions, Virginia Beach, Virginia, and the broker on the deal. “Kennedy Funding is one of the only lenders who can make and make this deal. They have a way to make tough deals.”
Wolfer said that an important part of closing these types of loans is the ability to see the deal more than just a request, but to see the potential of the project. The growing metropolis Denver The region, coupled with a vibrant real estate market, means that developments like Antelope Hills have great potential.
“A city like Bennett is the perfect mix of enjoying the peace of a suburban area while being right next to one of the country’s most beloved towns, âWolfer said. âWe believe this development will be a great success. “
The Antelope Hills development is located directly off I-70, which provides direct access to the heart of the city. Bennett is also less than an hour’s drive from Denver International airport.
According to Wolfer, the demand for housing has increased in the great Denver metropolitan area due to the region’s low unemployment rate and a strong local economy. Many families are also drawn to the many natural attractions and outdoor activities the area is known for, such as hiking and biking.
âLow mortgage rates, new industries, job opportunities and outdoor recreation have sent the Denver housing market overdriven, âWolfer said, adding that house prices have risen dramatically in recent years. âThere is a huge demand for new construction as families move to the area. There is no better time for the Ban RE Group to keep building new homes. “
According to Wolfer, many of the major employers in the greater Denver metropolitan area are in the sectors of health, finance, air transport and universities. Even with the economic blow caused by the COVID-19 pandemic, Wolfer said that Denver relatively well and that many jobs have been recovered.
“The best Denver The metropolitan area continues to grow, despite the blows inflicted by COVID-19 on the community, âWolfer said. âThe demand for housing will continue, and together with Ban RE Group and Antelope Hills, this housing supply can continue to meet the demands of the region. “
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for acquisition, development, reorganization, bankruptcy, and foreclosure of commercial real estate and land. Kennedy Funding has closed more than $ 3 billion in loans to date. Their expertise in creative financing makes it possible to finance up to 75% of the loan-to-value, $ 1 million ($ 3 million international) to more than $ 50 million in as little as five days. The company has closed loans throughout United States, the Caribbean, Europe, Canada, and central and South America.
SOURCE Kennedy Funding