4A — January 2025 — Commercial Real Estate Across America — M id A tlantic Real Estate Journal
www.marej.com
C ommercial R eal E state A cross A merica
Closes second loan in a week for 21-home subdivision Kennedy Funding closes 124-acre land loan purchase
With industrial building acquisition Accordia expands into Charlotte, North Carolina
CHARLOTTE, NC — Ac- cordia has announced the acquisition of a 35,542 s/f
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“It’s especially notable because this deal with Axe Lake Resort was for a land loan outside the U.S., which makes closings especially challenging.” The second loan closed by Kennedy Funding in the same week was a $1.445 million working capital loan for an events and hospitality space in Wallkill, NY. “We’ve made a name for our- selves as lenders who look for ways to say ‘yes’ when other lenders say ‘no,’” Wolfer said. “Closing two loans in one week demonstrates our commitment to helping borrowers get the funding they need to succeed.” Edwin Urrego , executive loan officer at Kennedy Fund - ing, highlighted Kennedy Funding’s extensive experi- ence closing loans on raw land and in international markets, two factors that automatically put these deals out of the run- ning at nearly all U.S.-based financial institutions. Kennedy Funding is re- nowned for closing loans around the globe that other U.S. lend- ers won’t touch, thanks to their expertise in navigating interna- tional local laws and red tape. They have successfully funded projects across South America, the Caribbean, Canada, and Europe, including Jamaica, the Dominican Republic, St. Maarten, the Bahamas, Belize, St. Barts, and more. “Raw land is considered a
risky investment by almost ev- ery conventional lender in the U.S., especially raw land deals located outside the country,” Urrego said, noting that the borrower is using the land as collateral. “We’re not here to turn down borrowers, though. We’re here to examine the merits of the deal and make informed decisions based on the borrower’s plans and vision.” The quaint, rural township of McMurrich/Monteith has a population of less than 1,000 people and is located around 3.5 hours north of Toronto. The area is a popular destination for hunting, snowmobiling, hiking, and boating. Axe Lake, which is immediately adjacent to the new development, is a popular warm water fishing destination for the Ontario area. “The new development will open this beautiful area to more visitors who want to ap- preciate the natural beauty that Ontario has to offer,” Urrego said. “Although challenging eco- nomic conditions have affected Canada for the past few years, housing demand in Ontario is expected to grow steadily,” Urrego said. “These strong demographic trends are boost- ing residential and vacation investment opportunities in the province, making new developments like Axe Lake Resort a hot commodity going into 2025 and beyond.” MAREJ
NGLEWOOD, NJ — Kennedy Funding , a New Jersey-based di-
shallow bay industrial building in the South- west submar- ket of Char- lotte, NC. This marks their first acquisition
rect, private lender, an- nounced that it has closed a $1.883 mil- lion loan to Axe Lake Resort Inc., based in On- tario, Cana-
14301 South Lakes Dr.
Located within the South Point Business Park in Char - lotte’s Southwest industrial submarket, the property offers convenient access to I-77 and I-485 via Carowinds Blvd. and South Tryon St. “14301 South Lakes Drive marks Accordia’s first acqui - sition in the Carolinas as we look to expand outside of the Northeast,” said Matthew Pizzolato , Accordia’s execu- tive VP and head of Acquisi- tions and Capital Markets. “This acquisition builds on our strategy to acquire highly functional, shallow bay indus- trial in infill locations below replacement costs.” MAREJ
Matthew Pizzolato
outside of the Northeast as they focus on their expansion down the East Coast. The property, located at 14301 South Lakes Dr. and constructed in 1985, comprises highly functional, light indus- trial space, lending itself to a variety of flex and distribution users. The rear-load facility features a glass exterior, an 18-ft. clear height, dock-high and drive-in loading positions, a 140-foot-deep truck court, and ample parking. The prop- erty was fully leased to three tenants at the time of sale. HIXSON, TN — Built to serve the community of Hix- son, TN and the surrounding area, Anchor Health Prop- erties (Anchor) marked the completion of a transformative redevelopment of a former movie theater into an 11,835 s/f patient-centric specialty eye center. In a fee-for-service de- velopment role, Anchor worked alongside key leadership from Southeastern Retina Associ- ates (SERA), a leader in retina specialist care with locations in Eastern TN, Southern VA, and Northern GA. Each phase of the project was carefully managed to align with the private prac- tice’s goal of expanding access to specialty eye care while re- inforcing their brand presence in the area. In collaboration with physi- cian ownership and key stake- holders, Anchor delivered comprehensive expertise and resources at every stage of the project. This included site iden- tification and evaluation, due diligence and financial analy - sis, design and construction oversight, and post-occupancy commissioning. Recognizing a unique expansion opportunity within a former movie theater, Anchor’s team facilitated the acquisition of a targeted suite and subsequently renovated the dedicated space to meet the high standards and spe- cific building codes required for
Edwin Urrego
da. This is the second loan that Kennedy Funding has closed within a week. The borrower, Axe Lake Re - sort Inc., plans to use proceeds from the loan to acquire 124.74 acres across two undeveloped parcels of land on the province’s McMurrich/Monteith Twp. The parcels, located at 52171- 0627 Woodland Dr., are part of a resort currently under construction in the Axe Lake hamlet within the township. One portion of the raw land, totaling 74.74 acres, is the third phase of the development, and includes a proposed 21-lot sub- division to build single-family homes. The remaining 50 acres will be built out in the sixth phase of the development. “Closing challenging loans is nothing new for Kennedy Funding, but closing two loans in a week is noteworthy and a testament to our ability to find ways to say ‘yes’ to borrowers,” said Kevin Wolfer , president and CEO, Kennedy Funding.
Anchor Health repurposes Tennessee movie theater into eye care facility
Southeastern Retina Associates
healthcare use. A key component of this proj- ect was the implementation of innovative structural solutions. The project team reimagined two former theater rooms as clinical spaces, employing brac- ing and platforming to level the sloped floors, ensuring optimal patient flow and accessibility. The former theater lobby was also redesigned into a welcom- ing waiting and registration area, thoughtfully integrating SERA’s brand aesthetic to build continuity across their network of clinics. Regionally based firms with extensive healthcare facility experience served as part of the project team, including Design Innovation Archi- tects , who provided architec- ture and design services; P &C Construction , who served as the general contractor; Proficient Engineering who provided MEP engineering services; and, Haines Struc- tural Group , who provided structural engineering ser- vices. MAREJ
MTRCC provides $204.9M Fannie Mae loan for 46-10 Center Blvd.
LONG ISLAND CITY, NY — M&T Realty Capital Corpo- ration (MTRCC) has closed a
Pierre , played a pivotal role in streamlining the process, achieving a rate lock on the Fannie Mae loan terms within 24 hours of issuing the term sheet. This rapid execution was critical in a competitive low-interest-rate environment. “It was an incredible oppor- tunity to work with a top-class operator on financing one of the most iconic buildings in Long Island City. We thoroughly en- joyed every minute of working with the TF Cornerstone team,” said Michael Casey, VP of M&T RCC Loan Originations. “The full-term IO offered by Fannie Mae, combined with the 35- year amortization, provided the borrower with a highly competi- tive financing structure. I’d like to thank Michael Jean Pierre, Head of M&T RCC Capital Markets, for his instrumental role in locking the transaction rate within hours post-applica- tion.” MAREJ
$204,945,000 Fannie Mae loan for 46- 10 Center Blvd., an iconic LEED- certified resi - dential prop- erty in Long Island City. The property,
46-10 Center Boulevard Loan Type: Fannie Mae Loan Amount: $204.945M Loan Term: Structured with a 35-year amortization sched- ule and full-term interest-only (FTIO) payments Loan Originator: Michael Casey , VP, M&T RCC Loan Originations; NYC Office Bor - rower: TF Cornerstone The transaction was sourced directly through an existing M&T client relationship. The M&T RCC capital markets team, led by Michael Jean
Michael Casey
owned by TF Cornerstone , features 584 units with stu- dio, one-, two-, and three-bed- room residences, along with a ground-floor retail unit encom - passing 7,733 s/f and an addi- tional 2,200 s/f of outdoor space. The 46-10 Center Boulevard building’s sustainable design is reflected in its LEED cer - tification, emphasizing envi - ronmental responsibility and energy efficiency. Financing Details
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