12A — August 9 - 22, 2019 — Multifamily Financing — M id A tlantic
Real Estate Journal
www.marej.com
Multifamily Financing
NGLEWOOD CLIFFS, NJ — Kennedy Fund- ing , the Englewood 46-acre lot pre-approved for residential development Kennedy Funding closes $1.575 million cash- out refinancing loan for Virginia Property E
Davis Ford Venture, LLC acquired the property, which is divided into two tax lots, in 2002 for $1.4 million. Since its purchase, the borrower has received preliminary approval for a residential subdivision for a community of single-fam- ily homes to be named Hoadly Falls. The second parcel, lo- cated across the street from Hoadly Falls, is pre-approved for 15 single-family homes, each on a .56-acre lot. The bor- rower plans to sell the lots to a national developer. “The applicant came to us with a concrete plan for the
will be used for working capital. According to Kevin Wolfer , CEO of Kennedy Funding, this arrangement is practically un- heard of in both traditional and alternative financing circles. “There are virtually no lend- ers who will look at an appli- cant who plans to use a cash- out refinance loan on land, let alone fund the deal,” Wolfer said. “However, Kennedy Fund- ing’s flexibility means that we are willing to read between the lines of a traditional applica- tion. We were able to truly as- sess the merits of this property and see the applicant’s vision.”
property, as well as a track record of remaining current on their current mortgage pay- ments,” Wolfer said. “With that in mind, we were able to fund the loan.” Manassas is in northern Vir- ginia, home to approximately 40,000 residents and serves as the seat of Prince William County government. Major employers include the Manas- sas Regional Airport, semicon- ductor manufacturer Micron Technology, Lockheed Martin, and the Novant Prince William Health System. The parcels sit immediately
off Prince William Parkway, a major county thoroughfare which connects directly to I-95. One of the properties is adja- cent to the Shops at County Center, with several restau- rants, professional services, and anchored by a 24-hour Har- ris Teeter grocery store. The proposed Hoadly Falls is also a few minutes away from golf courses, a BMX track, and the PWC Stadium Complex, home to the minor league baseball team the Potomac Nationals. Multiple national parks and historic sites are located just a short drive away. “This property is at the center of a thriving middle-class city, with many opportunities to live, work, and play,” Wolfer said. “New housing so close to employers, shopping, and recreation is sure to succeed.” About Kennedy Funding Kennedy Funding is a na- tionwide direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $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 more than $50 million, in as little as five days. Avison Young secures financing for $55mmultifamily development near Amazon’s HQ2 site ALEXANDRIA, VA — Avi- son Young has secured financ- ing for NOVO Properties to develop a $55 millionmultifam- ily project in Old Town Alexan- dria near Amazon’s new HQ2. Avison Young’s Capital Mar- kets Group arranged joint venture equity and acquisition/ construction financing for the class A apartment development at 1200 North Henry St. NOVO selected Avison Young to arrange the financing. Lead- ing the effort were Avison Young’s Jon Goldstein, Wes Boatwright and Mike Yavin- sky , all principals; Matt We- ber , senior vice president; and Clayton Pristou , senior associate. The equity was provided by an insurance company and acquisition financing was pro- vided by Pinnacle Financial Partners .
Cliffs, New Jersey-based direct private lender, closed on a $1.575 million cash- out refinanc- ing loan to Davis Ford V e n t u r e ,
Kevin Wolfer
LLC. The borrower plans to use the loan to pay off an exist- ing first mortgage of $867,590 on land located at 5021 Davis Ford Rd., while the remainder
So we went all the way with this deal.
Recently Closed $1,575,000
A land deal like this sent traditional lenders running for the hills. Not Kennedy Funding. Our flexibility allowed us to see the true benefits of closing this type of loan, allowing the borrower to pay off an existing first mortgage and use the rest as working capital. A lovefest for all. CASH-OUT REFINANCE ON LAND!
Call 1-800-342-8500 or KennedyFunding.com
CASH-OUT REFINANCE–LAND • $1,575,000 • DAVIS FORD VENTURE, LLC • MANASSAS, VIRGINIA
LAND, DEVELOPMENT AND ACQUISITIONS, BANKRUPTCIES, DISCOUNTED PAYOFFS, NOTE PURCHASES, WORKOUTS AND FORECLOSURES
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