16 — May 2025 — Financial — M id A tlantic Real Estate Journal
www.marej.com
F inancial Englewood, NJ direct private lender secures 9% interest rate on land loan Kennedy Funding closes $1.66 Million land loan for Dallas-Area townhome development
E
NGLEWOOD, NJ — One of the fastest- growing metro areas
Fort Worth metropolitan area. OFS Ventures intends to de- velop 69 townhomes on the site. Proceeds of the loan will be used toward acquiring the $3.3 million property. “Securing a 9% interest rate is a feat in the current market, especially for funding projects as untouchable as raw land,” said Mark Falzone , execu- tive loan officer at Kennedy Funding. “Our ability to secure such favorable rates for OFS Ventures is a testament to our decades of relationship-build- ing and experience working with borrowers to secure raw
land deals.” The broker on the trans- action was Alex Caragi- annides , a Melville, NY-based veteran real estate lending expert. According to Caragi- annides, he reached out to Kennedy Funding because of the firm’s reputation for suc - cessfully closing land deals. “I’m always on the look- out for ways to creatively structure financing solutions across the U.S., and working with Kevin and Mark was refreshing,” Caragiannides said. “Kevin, Mark, and all the professionals at Kennedy
Funding make it look easy!” Caragiannides cited the firm’s “sound process and methodology” for funding land loans as his reason for call- ing Kennedy first on the OFS Ventures opportunity. “Kennedy Funding is virtu- ally the only lender out there that will fund raw land loans and do so successfully,” Caragi- annides said. “No one touches land loans except for Kennedy. They are the experts.” According to Kevin Wolfer , president/CEO of Kennedy Funding, the firm’s flexibility to work with borrowers on
an individual, personalized basis is key to funding deals other financial institutions won’t touch. “Nearly all banks and con- ventional lenders have blanket policies that automatically re- fuse to consider any deal that involves raw land,” Wolfer said. “However, we’re able to investigate the merits of each deal and see the opportunity from the borrower’s point of view. Through that lens, we can assess the entirety of the deal. That includes the economic circumstances and trends that influence a proj - ect’s success, as they do in this deal involving building hous- ing in a very popular major metro area.” The Dallas-Fort Worth area has experienced the most growth among all ma- jor United States metro ar- eas. The population boomed from 7.6 million in 2020 to 8.1 million in 2023. Major companies, such as CBRE, AECOM, and Frontier Com- munications, have moved their corporate headquarters to Dallas in recent years. As a major metropolitan area, Dallas is a hub for culture, sports, and a thriving culi- nary scene, attracting resi- dents from both within and outside the US to the area. “As the Dallas-Fort Worth population grows, the need for quality, well-located housing grows, too,” said Wolfer. “The OFS Ventures project will turn this va- cant space into a place that dozens of families can call home. Supporting their vi- sion to build housing in this bustling area is a financially wise use of raw land.” About Kennedy Funding Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, develop- ment, workouts, bankrupt- cies, and foreclosures. Ken- nedy Funding has closed more than $4 billion in loans to date. Their creative fi- nancing expertise provides funding up to 75% loan- to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Eu- rope, Canada, and Central and South America. MAREJ
in the Unit- ed States is about to get much-needed new housing, thanks to a loan from Kennedy Funding . The direct
Mark Falzone
private lender closed a $1.66 million loan for borrower OFS Ventures to acquire 9.32 acres of raw land in McKin- ney, TX, part of the Dallas/
Made with FlippingBook. PDF to flipbook with ease