6 — October 2026 — Financial — M id A tlantic Real Estate Journal
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F inancial
NGLEWOOD, NJ/ CARTAGENA, CO- LOMBIA — Kennedy NJ-based lender provides cash-out refinance for planned residential subdivision in Colombia Kennedy Funding expands international lending footprint with $1.26M land loan in Cartagena E
agena-Barranquilla Access Rd. The property, which has direct access to National Rte. 90A-01, is currently in the feasibility stage, with subdi- vision approvals in process. Residential development along the Cartagena-Barranquilla corridor is expected to accel- erate, with new condominium communities and planned residential buildings benefit - ing from proximity to the coast and destination amenities such as Crystal Lagoon. The transaction was sourced through local commercial mortgage brokers in Colombia, reflecting Kennedy Funding’s expanding network of trusted relationships and its contin- ued commitment to financing opportunities throughout the region. The transaction high- lighted Kennedy Funding’s ability to overcome the unique challenges of cross-border lending, providing certainty of execution where many tra-
ditional lenders lack the expe- rience or flexibility to finance international opportunities. International commercial real estate lending requires far more than evaluating collater- al. Every country presents its own legal framework, lending regulations, valuation meth- ods, land ownership struc- tures, and closing procedures. Kennedy Funding has suc- cessfully financed transactions throughout Latin America, the Caribbean, Europe, and other international markets by un- derstanding how to navigate these complexities and deliver financing where conventional lenders often cannot. “International lending isn’t just about financing a prop- erty—it’s about understanding the market behind it,” said Ed- win Urrego, executive loan offi - cer at Kennedy Funding. “Every country has its own legal, regu- latory, and cultural landscape. Our experience allows us to
navigate those differences and provide financing solutions for borrowers pursuing opportuni- ties that many lenders simply aren’t equipped to handle.” Located on Colombia’s Ca- ribbean coast, Cartagena is one of the country’s most recognized commercial and tourism centers. Its strategic port, expanding infrastruc- ture, growing population, and continued residential develop- ment have made it an increas- ingly attractive destination for real estate investment. Beyond working capital, Kennedy Funding struc- tures loans for land acquisi- tions, cash-out refinancing, development, foreclosures, bankruptcies and other com- mercial real estate needs, giving borrowers flexible capital solutions tailored to each project’s objectives. “International lending has been part of Kennedy Fund- ing’s DNA for decades,” said
Kevin Wolfer , CEO of Kenne- dy Funding. “Our experience, creativity, and willingness to think beyond traditional lend- ing boundaries allow us to help borrowers move projects for- ward where others may not.” The Cartagena financing marks another milestone in Kennedy Funding’s growing international portfolio and re- flects the firm’s continued com - mitment to helping borrowers capitalize on commercial real estate opportunities across the globe. As demand for cross-bor- der financing continues to grow, Kennedy Funding remains focused on delivering creative lending solutions backed by experience, flexibility, and a global perspective. About Kennedy Funding Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bank- ruptcies and foreclosures. MAREJ
Funding , one of the world’s leading direct private land- loan lenders, has closed a $1.26 million cash-out re- finance loan for a residen-
Edwin Urrego
tial land development project in Cartagena, Colombia. The transaction showcases the firm’s ability to structure financing for complex land opportunities in international markets where many traditional U.S. lenders have limited experience or are unwilling to lend. The financing provides working capital to Cocoa & Company SAS for a planned residential subdivision on ap- proximately 200,000 square meters (nearly 50 acres) of land located along the Cart-
Berkadia arranges $114M financing for multifamily next to Falls Church Metro
Provident Bank partners with CBRE on $20M construction loan
FALLS CHURCH, VA — Berkadia arranged $114 mil- lion in debt and equity financing for developer Rushmark Prop- erties to build a 305-unit class A multifamily community adja- cent to the West Falls Church Metro Station in Falls Church. The $136 million project, set to open in 2028, is part of a larger master planning effort across 42 acres in Fairfax Coun- ty and the City of Falls Church to redevelop former parking lots and obsolescent buildings into a mixed-use neighborhood encompassing retail, commer- cial office, apartments, senior living, for-sale condominiums and for-sale townhomes. Senior managing directors Patrick McGlohn and Brian Crivella , managing directors Yalda Ghamarian, Brian Gould and Bill Gribbin , and vice president Patrick Cunningham of Berkadia DC Metro led the transaction on behalf of Rushmark Properties. The financing includes a $92 million senior construction loan provided by PNC and $22 mil- lion in preferred equity from Federal Capital Partners . “Rushmark will create high- quality multifamily housing in one of Northern Virginia’s most established and well- connected communities,” said
80 Arena Way rendering
Rushmark West Falls Multifamily rendering
where demand for small-bay, multi-tenant industrial space has outpaced availability,” said Pizzolato. “By partnering with Provident Bank, we were able to structure a construc- tion loan that supports New Vernon Equities’ vision for a class A facility with the flex - ibility to accommodate ten- ants from 20,000 s/f up.” Located on a 17.89-acre site within the Arena campus, the development will feature 32’ clear heights, 26 dock-high loading doors, two drive-in doors and parking for 196 ve- hicles. ARCO Design/Build is the general contractor, with delivery scheduled for the first quarter of 2027. Suites can be subdivided to as small as 20,000 s/f, each with up to 5% office space, plus up to 20,000 s/f of mezzanine. MAREJ
EAST HANOVER, NJ — CBRE announced that it secured a $20 million con- struction loan from Provi- dent Bank on behalf of New Vernon Equities for the development of 80 Arena Way, a 100,000 s/f speculative industrial facility on the site of a former office building in East Hanover. The CBRE Capital Mar- kets team of Matthew Piz- zolato, Josh Stein and Carlos Silva arranged the financing on behalf of the bor - rower. Newmark has been retained to handle leasing at the property, with a team led by Michael Schipper, Kyle Eaton and Robert Loderstedt out of its East Brunswick, NJ office. “80 Arena Way addresses a clear gap in Morris County,
Crivella. “The project’s im- mediate proximity to the West Falls Church Metro Station, strong surrounding demo- graphics and limited near- term multifamily supply made it an exceptional investment.” “Capital is available for high-quality multifamily de- velopment, but lenders and equity investors remain highly selective,” said McGlohn. “For well-capitalized, experienced sponsors pursuing projects in markets with strong fun- damentals, we’re seeing com- petitive interest from multiple sources of capital. Rushmark’s experience in the market pro- vided a strong foundation for the financing.” Areas surrounding Metro sta- tions are a catalyst for economic activity. Station areas account
for only 3% of the region’s land, but they make up about 30% of the region’s property value ($330 billion), 30% of annual property tax revenue ($3.2 bil- lion), and host 40% of jobs (960,000), according to a 2024 Metro study. “We applaud Rushmark Properties and Federal Capi- tal Partners for this invest- ment in transit-oriented de- velopment. This partnership creates economic opportuni- ties through jobs and new tax revenues,” said Metro general manager and CEO Randy Clarke . “More housing near transit means more access to opportunity, stronger transit ridership, less traffic on our roads, and a better quality of life for residents across the region.” MAREJ
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