6 — August 2025 — Financial — M id A tlantic Real Estate Journal
www.marej.com
F inancial Chase Wolfer delivers $2M financing for Powder Horn’s subdivision project Kennedy Funding closes raw land loan for residential subdivision in Suffern, New York
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the legacy at Kennedy Funding, a bridge-loan lender known worldwide for financing land deals other lenders won’t touch. Kennedy Funding has earned a reputation for say- ing “yes” to land loans that others won’t—across the U.S. and around the globe. Wolfer emphasized that this type of deal is a prime example of what Kennedy does best: help borrowers quickly access the funds they need when tra- ditional financial institutions are not an option. “Since 1987, our firm has worked with borrowers all over the world to help them obtain the funding they need to kick- start or complete their real estate projects,” said Wolfer. “Kennedy Funding brings a vi- sion and flexibility to deals that don’t fit the traditional criteria banks typically require.” Located at 32-34-36 Powder Horn Dr., the property is zoned for three single-family homes
Long Island. Suffern is ideal for residents seeking regular adventure, as Sterling Forest, Bear Mountain, and Harriman State Park are all less than a 30-minute drive away. “Given the location of these three parcels, the value of building here is clear,” shared Kevin Wolfer , CEO and president, Kennedy Fund- ing. “Although raw land is a non-starter for other private and traditional lenders, the borrower’s understanding of what attracts residents to the area means that they are well-poised to position the completed project for success.” Kennedy Funding is known for closing land loans inside and outside the United States. While categorically excluded by all traditional banks and by most private lenders, brokers and others in the commercial real estate industry know that Kennedy Funding can close on raw land, and often in a frac-
tion of the time it takes for other lenders to close. With more than $4 billion in closed loans to date across multiple project types, including raw land, the firm’s track record more than demonstrates the firm’s expertise and experience in the private lending realm. “Accessing capital is the most crucial step to success,” Chase Wolfer said. “It’s my honor to be a part of that pro- cess for Powder Horn.” About Kennedy Funding Kennedy Funding is a global direct private lender specializ- ing in bridge loans for commer- cial property and land acquisi- tion, development, workouts, bankruptcies, and foreclo- sures. Kennedy Funding has closed more than $4B in loans to date. Their creative financ - ing expertise provides funding up to 75% loan-to-value, from $1M ($3M international) to more than $50M in as little as five days. MAREJ
or may be used to build one or three single-family homes. Powder Horn Dr. is easily ac- cessible by car from Rte. 202 or from the Palisades Interstate Parkway. For commuters to midtown Manhattan, the property is six miles from the Suffern New Jersey Transit station to Hoboken, NJ, and a six-minute drive from the Route 202 & Viola Road bus stop to the Port Authority. “When we’re evaluating a deal, we look beyond the stan- dard paperwork—such as a clean title, environmental report, and recent appraisal, among other materials,” Wolfer said. “It’s about walking in step with the borrower and imagin- ing the possibilities together.” Just 35 miles from midtown Manhattan and directly across the border from northern New Jersey, Suffern is a vil- lage within the township of Ramapo, the most populous town in New York outside of
NGLEWOOD, NJ — When a local mortgage broker needed help se-
curing fund- ing for a $2 million land deal in Suf- fern, NY, they turned to Chase Wolfer —a funding spe- cialist who
Chase Wolfer
knows how to perform under pressure. As both a Loan Of- ficer at New Jersey-based di - rect private lender Kennedy Funding , and a firefighter with the Alpine Twp. Fire De- partment, Wolfer is no stranger to high-stakes situations. He quickly delivered financ - ing to Powder Horn LLC for the purchase of three undevel- oped residential lots totaling 5.951 acres in Suffern. An alumnus of the University of Arizona’s Eller College of Management, Wolfer continues
GREA Capital Services Group announces four loan closings in Philadelphia & Washington DC
Cronheim secures $32.97M financing for mixed-use property in Hawthorne, NJ
Spring Garden Court in Philadelphia
Hart Wardman Apartments in Washington, DC
Hedges at Hawthorne
HAWTHORNE, NJ — Cronheim Mortgage has arranged $32.97 million for the refinancing of Hedges at Hawthorne, a newly con- structed mixed-use develop- ment consisting of 118 luxury apartment units and 16,400 s/f of retail in Hawthorne. Brandon Szwalbenest, Dev Morris, and Andrew Stewart secured the 5-year financing at a rate of 5.82%, which closed as the last apart- ments were being leased up. According to Andrew Stewart, “This project has been many years in the making. The Bed- rin Organization did a terrific job addressing the needs of the community and creating a truly special project. We were able to obtain a 35-year amortization after an interest-only period
due to the project quality.” The multifamily component of the asset includes 118 luxury apartments consisting of 10 studio units, 27 one-bedroom units, 76 two-bedroom units, and five three-bedroom units. The Hedges at Hawthorne is part of a larger development project that also includes a 955-unit self-storage facility operated by CubeSmart. Cronheim Mortgage secured the fixed-rate financing on be - half of the Bedrin Organization. Hawthorne is a charming North Jersey suburb located less than 15 miles northeast of Manhattan. Within Haw- thorne, the subject is located just steps away from the Haw- thorne Train Station, which provides access to NY Penn Sta- tion in just 47 minutes. MAREJ
for a newly constructed, eight- story, 49-unit, 30% occupied multifamily property with a ground floor commercial space in Philadelphia. The bank loan featured a five-year fixed rate at 2.10% over the five-year Treasury and 70% LTV. A $4.7 million refinance loan for a 27,000 s/f mixed use property with 35 units in Philadelphia. The bank loan featured a five-year term, spread of 1.75% plus the five- year Treasury and 67% LTV. A $3.4 million refinance loan for a 14-unit, 8,360 s/f multi- family building in Washington DC. The five-year bank loan featured an interest rate of 3% plus the five-year FHLB and 75% LTV. A $3.3 million refinance loan for two buildings in the
University City area of Phila- delphia. The five-year fixed rate non-recourse bank loan featured an interest rate of 2.15% plus the five-year Trea - sury, one year interest only, 30-year amortization schedule and 70% LTV. “The GREA Capital Services Group has been highly active across all buckets of capital in the Philadelphia market and we have seen strong success by running a full process and serving as true advocates for our clients,” Schlegel said. Wellar added, “The power of GREA lies in combining deep local expertise, exemplified by our Philadelphia office, with the reach of our national debt advisory platform to secure the best possible terms for our clients.” MAREJ
PHILADELPHIA AND WASHINGTON DC — The Capital Services Group of GREA (Global Real Estate Advisors) has announced the closing of four separate refinance loans totaling $21 million for multifamily prop- erties in Philadelphia and Washington DC. The transactions were ar- ranged by a GREA deal team that included Ben Schle- gel, a director in the Capital Services Group, and Paul McCormick , partner - Sales Management, both in the NYC office, and in the Philadelphia office, Ken Wellar , founding partner, and associate direc- tors Daniel Yadgaroff and Alan Krawitz . The transactions included: A $9.5 million refinance loan
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