10 — April 2026 — Financial — M id A tlantic Real Estate Journal
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F inancial
NGLEWOOD, NJ — Edwin Urrego , ex- ecutive loan officer at Developer cashes out and refinances at prestigious Suwanee Preserve Kennedy Funding closes $2.1M land loan on 18-lot subdivision in Forsyth County, Georgia E
hesitate when it comes to land or partially completed devel- opments,” said Wolfer. “But when the fundamentals are strong — location, completed infrastructure, and clear devel- opment plans — we can move quickly to provide the capital borrowers need.” The deal also showcased the coordination required across Kennedy Funding’s internal teams to bring complex land transactions to closing. “This was truly a team effort, and I’m grateful to have worked alongside such a committed and professional group,” said Vin Saini of CRE Operations – Credit Operation and Pro- cessing. About Kennedy Funding Kennedy Funding is a global direct private lender special- izing in bridge loans for com- mercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. MAREJ
growing residential corridors outside Atlanta. By focusing on the real estate itself, we were able to structure a loan that allowed the borrower to access equity and continue moving the project forward.” The Suwanee Preserve devel- opment spans 18.8 acres and includes residential lots rang- ing from about 0.5 to 0.63 acres, with utilities, road access, and development infrastructure already installed. The project is located just east of Buford Highway in southeastern For- syth County, an area experi- encing continued population and housing demand driven by growth in the greater Atlanta metropolitan region. Kennedy Funding president and CEO Kevin Wolfer said the transaction highlights the firm’s ability to provide flexible financing for land and develop - ment projects that may fall out- side traditional lending models. “Traditional lenders often
Kennedy Funding , is no stranger to land loans. Investors and developers across the country regu- larly turn to the New Jer-
Edwin Urrego
sey private lender for funding on land transactions for all kinds of purposes, including acquisitions, workouts, and cash-out financing. This was the case in Forsyth County, Georgia, where a bor- rower seeking to unlock capital tied up in their property turned to Kennedy Funding for a $2.1 million cash-out refinance loan secured by land within the Suwanee Preserve subdivision. The collateral consists of 18 subdivided residential lots lo- cated at 3550 Alexander Circle PARSIPPANY, NJ — A joint venture partnership be- tween Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”) and V ision Real Estate Partners , (“Vision”) a fully-integrated commercial real estate investment firm, secured an $80 million refi- nancing of LATITUDE, a 35- acre, two-building trophy office campus in Parsippany, NJ. The new loan, provided by Oak Funding and Oak North Bank , retired the existing debt on LATITUDE and provides new capital to support the joint venture’s continuing business strategy for the class A property. The financing includes an initial upfront funding of $55 million and an additional $25 million in future advances. Cushman & Wakefield’s Capital Markets team of Chuck Kohaut, Brad Do- menico, David Bernhaut, Alexander Hernandez, Frank Stanislaski, Bill Baunach, and Jack Subers arranged the transaction. The property has enjoyed robust leasing activity over the last two years including four new leases for 90,835 s/f and three renewals for 99,963 s/f. In 2022, Rubenstein and Vision sold a 155,000 s/f condo interest at LATITUDE to Avis
Suwanee Preserve subdivision rendering
in Cumming, part of a larger residential community known as Suwanee Preserve. The subdivision infrastructure has already been completed, with utilities and roads in place, positioning the project for con- tinued residential construction. The borrower originally pur- chased the property in May 2024 for $2,770,000 and sought
a cash-out refinance loan to unlock capital tied up in the development. “This was an ideal situa- tion where the borrower had already completed the heavy lifting,” said Urrego, who origi- nated the loan. “The lots were fully subdivided, infrastructure was in place, and the prop- erty sits in one of the fastest-
Rubenstein Partners and Vision secure $80M refinance for LATITUDE office campus in NJ
IPA completes sale and financing of newly built 216-unit Ascend by the Sea
Ascend by the Sea
MILLVILLE, DE — Insti - tutional Property Advisors (IPA) announced the sale and financing of Ascend by the Sea, a 216-unit multifamily asset in Millville, DE. “Located in Sussex County, the fastest-growing county in Delaware and part of the Del- marva Peninsula coastal cor- ridor, Ascend by the Sea has virtually no competition from other institutional-quality multifamily rental communi- ties,” said Bob Dean , IPA senior managing director. “Within a two-mile radius, the population has increased by nearly 14% since 2020 and over 1,100 new for-sale homes have been delivered or planned in the immediate area, yet Ascend by the Sea remains the only professionally man- aged, amenitized rental com- munity of its caliber.” Dean and Jonathan Greenberg of IPA, along with Andrew Townsend of Marcus & Millichap , in association with
Timothy Stephenson Jr. , Marcus & Millichap’s broker of record in Delaware, repre- sented the seller and procured the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Patrick Barker of IPA Capital Markets ar- ranged acquisition financing. “Multifamily stock in the vicinity is projected to grow by just .04% annually over the next three years, with most deliveries concentrated in small, non-institutional developments, further insu- lating Ascend by the Sea from competition,” said Greenberg. The property is four miles from the Town of Bethany Beach, within a short drive of Rehoboth Beach and Ocean City. Employers nearby include TidalHealth, Beebe Health- care, and Perdue Farms. Shop- ping is close by at Millville Town Center and Marketplace at Sea Colony. The Salted Vines Vineyard & Winery is a mile from the property. MAREJ
LATITUDE
which currently serves as the company’s US headquarters. Major tenants leasing space at the property include Gilead, FM Global, Mead Johnson, Essential Homes, and Sax Wealth Advisors. “The successful refinanc- ing of LATITUDE reflects both the strength of the asset and the continued demand for high-quality, amenitized office environments in well- located suburban markets,” said Jack Sula at Rubenstein Partners. “This financing allows us to pay off the pre- vious loan while positioning LATITUDE for its next phase of growth as we continue to execute our long-term plan for the campus and deliver an exceptional workplace experi- ence for our tenants.” “The continued support from the capital markets
underscores LATITUDE’s position as a premier prop- erty in the Northern NJ office market,” said Sam Mor - reale , founder and managing partner, Vision. “The contin- ued support from the capital markets underscores LATI- TUDE’s position as a premier property in the Northern NJ office market. We are pleased that this refinancing validates the quality of the asset and the strength of our long-term partnership and strategy. Together with Rubenstein, we remain committed to deliver- ing a best-in-class campus experience that attracts and retains top-tier tenants. This new financing positions us to build on that momentum and further enhance the tenant experience as we execute the next chapter of our business plan.” MAREJ
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