F inancial D igest
M id A tlantic Real Estate Journal —February 18 - March 17, 2022 — 13A
www.marej.com
Team led by Alascio, Sullivan, Kohaut and Smolev rep. borrower, Advance Realty Investors Cushman&Wakefield arranges $72Mrefinancing for 280-unit Harrison, NJ apartment building
H
ARRISON, NJ — Cushman & Wake- field announced that
the real estate services firm served as the advisor to Ad - vance Realty Investors in arranging $72,000,000 of per- manent financing for Cobalt Lofts located at 1200 S 5th St. The 10-year, fixed-rate loan was provided by AIG . The refinancing comes just after the developer’s financing and groundbreaking of Phase III, a 399-unit apartment building adjacent to Cobalt Lofts, of the multi-phased development within the Riv - erbend District of Harrison. A Cushman & Wakefield Equity, Debt & Structured Fi - nance team led by John Alas- cio, TJ Sullivan, Chuck Ko- haut and Zachary Smolev represented the borrower. “Cobalt Lofts is one of the premier assets in the Riv - erbend District and is well-
Cobalt Lofts
positioned to be a focal point of the next generation of Har - rison,” said Alascio. “Advance has done an incredible job executing its vision to rede - fine the landscape of Harrison and Cushman & Wakefield is proud to have been involved with this financing.” Cobalt Lofts is one of the preeminent luxury residential buildings located in Harri - son’s burgeoning Riverbend District, and offers studio,
one- and two-bedroom apart - ment homes, as well as duplex one- and two-bedroom lofts. Residences at Cobalt Lofts are reflective of the modern renters’ desire for thought- fully designed living spaces and feature stylish bohemian- inspired interiors as well as the spaciousness of large modular closets and expan - sive floor plans. Each of the building’s residences comes equipped with the distinctly
modern convenience of smart home technology, including a built-in Amazon Echo Dot, pre-wired speakers and the Samsung SmartThings HUB. Cobalt Lofts is one of the few Amazon co-branded buildings in the country. Located in the Riverbend District of Harrison, a vibrant and fast-growing market just outside New York City, Cobalt Lofts offers affordable luxury rentals at a substantial discount “We can close a loan in as little as five days – a process that takes months at most banks,” Wolfer said. “Our bor - rowers don’t wait for weeks and months for an answer – we move quickly from the moment an application is received straight through closing.” In recent years, the direct private lender has made waves for closing dozens of loans internationally, rare for a U.S.-based lender. The loans encompass all deal types, in - cluding land loans, and other uses for proceeds related to commercial properties, includ - ing retail, resorts, and hospi- tality. The firm has completed multiple deals in Jamaica, the Dominican Republic, St. Bart’s and throughout the Caribbean; Central and South American countries like Bra - zil, Colombia, Belize, Peru; Canada; and Spain. “The complexities of inter - national lending make this sector an impossible one for lenders to navigate, but
to Manhattan and the Jersey Gold Coast, with unrivaled ac - cessibility to Manhattan and the major counties of northern New Jersey. The property is immediately adjacent to the Red Bull Arena and the newly constructed and expanded Harrison PATH Station and just minutes from Newark Penn Station, offering easy access to Manhattan and the major counties of northern New Jersey. MAREJ over the years, we’ve devel- oped the right relationships to help borrowers secure the funding they need for lucrative opportunities over- seas,” Wolfer said. “Kennedy Funding is truly singular in that regard, and that shows in our track record abroad, which is the longest and most robust of any U.S.- based direct private lender.” Kennedy Funding offers loan amounts from $1 million to $50+ million, with up to 75% loan-to-value (LTV). 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. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America. MAREJ
Direct private lender, Kennedy Funding opens new US headquarters in Englewood, New Jersey
ENGLEWOOD CLIFFS, NJ — Kennedy Funding , one of the largest direct pri-
vate lenders in the Unit - ed States is ent e r i ng a new stage of growth. The Eng l ewo od Cl iffs, New Jersey-based f i r m a n -
Kevin Wolfer
267 S. Dean St. in Englewood, NJ
sive direct private lenders in the United States,” said Wolfer. Kennedy Funding is well known for creating specially tailored funding solutions for deals traditional lenders won’t touch. Over the course of near - ly four decades, the leadership at Kennedy Funding has made the company a go-to name to help borrowers secure loans for deals of all sizes and types, including acquisitions and construction loans. The firm is well known for successfully closing loans on particularly challenging deals, including land loans, workouts, bank -
ruptcies, and foreclosures. The direct private lender is also known for successfully closing bridge loans. “When traditional lenders find ways to say no, we take great pride in finding ways to say yes to a borrower,” Wolfer said. “Our approach focuses on the merits of each deal, diving into the details that set up a project for success.” Wolfer added that Kennedy Funding is highly regarded for its speed to closing, an- other major attraction for borrowers around the US and internationally.
nounced that it has relocated to its own freestanding head- quarters at 267 S. Dean St. in the City of Englewood. “Relocating to our own build - ing represents a new era of expansion for Kennedy Fund - ing,” said CEO and president KevinWolfer . “It is the culmi - nation of over 35 years of hard work, growth, and success.” The move comes just as Ken - nedy Funding surpasses $4 billion in closed loans. “Since Kennedy Funding opened its doors in 1987, we’ve worked hard to build a reputa - tion as one of the fastest, respon-
Made with FlippingBook flipbook maker