14A — May 16 - 29, 2014 — M id A tlantic
Real Estate Journal
www.marejournal.com
F inancial D igest
One parcel is scheduled to be sold, the remainder slated for mixed-use development Kennedy Funding completes $5.28 million financing for 33.74-acre property E July. The remaining 29 acres were acquired by the church in three separate transactions between 2010 and 2012.
nis Sunderland, the borrower. “It was a complicated trans- action, a lot of moving parts. There were different pieces of land for example, that com- plicated the loan. Kennedy Funding had the expertise to deal with all of these moving parts. Moreover, we required 60%LTV, something the other lenders couldn’t match. Final- ly, the transaction had to close fast - within 60 - 90 days since construction of the memory and dementia units are sched- ules to begin in August.” The proposed project con- sists of five buildings designed to complement each other in design and function. Phase one will consist of three build- ings: A 96-unit apartment building (amenities include a swimming pool, meeting room, and library); a 30-unit assisted living residence; and a 20,000 s/f Clubhouse that will serve as a community center with a variety of ser- vices including a food bank, thrift store, and will act as an emergency building for the local Red Cross. The second phase will con- sist of a 72-unit, three-story apartment building offering meals and hotel-type maid service. Finally, a 57,000 s/f Convention Center will be utilized for services of the Bethel Assembly of God, as well as concerts, small conven- tions, and school gatherings. It is designed to seat 900 with long-term plans for an expan- sion to seating for 2,000. “The City of Tulare recently approved and provided fund- ing to complete an overpass and interchange project that will greatly enhance local access to the site from State Route 99 at Cartmill Avenue,” Wolfer said. “That is particu- larly important in light of the proposed development.” Kennedy Funding special- izes in bridge loans for com- mercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world. n
NGLEWOODCLIFFS, NJ — Kennedy Fund- ing Financial has com- pleted a $5.28 million loan by Tulare Lender, LLC to Tulare Bethel Housing, Inc., an affili- ate of the Bethel Assembly of God in Tulare, CA. The three- year interest-only financing is secured by a first lien on two parcels of land totaling 33.74 acres in Tulare. The property is in central California’s Tu- lare County. One parcel, totaling 4.74 acres along Tulare’s North M St., is currently under contract and is scheduled to close in
“The parcels have a mix of commercial and multifam- ily residential zoning and are proposed for a large senior housing, religious, and com- munity use development,” said Kevin Wolfer , president and CEO of Kennedy Funding, the Englewood, NJ-based direct private lender. “We required a bridge loan to payoff the previous lender and to take us to the construc- tion phase,” said Pastor Den-
33.74 acres in Tulare, CA
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