M id A tlantic Real Estate Journal — Financial Digest — April 2024 — 15A
www.marej.com
F inancial D igest Golden Tree Lending’s Zhang connects Dhaliwal TC Landing with NJ-based direct private lender Kennedy Funding closes $2.7 Million land loan in Tacoma, WA suburb at 8% interest rate E NGLEWOOD, NJ — When it comes to secur- ing a land loan, even With an estimated cur- rent population of just under 10,000, Edgewood is part of finish line,” Urrego said. “No matter the challenge, we have the experience and knowledge that other lenders are unable to close or are unwilling to touch. Leveraging the merits
“Edgewood sits just east of Tacoma, the third-biggest city in Washington state, and quite close to the tech and cultural capital of Seattle,” Wolfer said. “This makes housing and retail a good use of property, where both the population and employment opportunities are growing.” About Kennedy Funding Kennedy Funding is a global direct private lender special- izing in bridge loans for com- mercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. MAREJ
the savviest borrowers can expect to face some challenges. That’s why Dhal iwal TC Land- ing, LLC came to Ken- nedy Fund-
“There are countless moving parts in any transaction, and this one was no exception,” said Edwin Urrego, executive loan officer, Kennedy Funding. “Our team has a track record of adaptability because we see our clients’ vision. We’re happy to have deftly navigated the challenges and successfully closed for another satisfied borrower.”
necessary to understand every borrower’s unique circum- stances and build solutions that get them to their goals.” Since its founding in 1987, Kennedy Funding has built a reputation for closing deals
of the deal itself, the Kennedy Funding team looks for rea- sons to say yes to borrowers. “Kennedy is a great organi- zation with a lot of integrity,” Zhang said. “Edwin and Kevin make a strong team.”
the larger South Sound region, which is located just by the Puget Sound waterway. Residents are drawn to the city’s small-town feel and prox- imity to the greater Seattle Tacoma area.
Edwin Urrego
ing to close a $2.7 million loan to build a mixeduse property in the Tacoma, WA, suburbs. Loan proceeds will assist with payoff and working capital for the development of 12.2 acres at 1926 Meridian Ave. East in Edgewood, WA. “Borrowers don’t always un- derstand the process and there were a lot of hurdles along the way,” said Jackson Zhang of Golden Tree Lending , who connected Dhaliwal TC Land- ing with the New Jersey-based direct private lender. “We faced environmental issues and problems with the developer agreement,” he said, “but Kennedy Funding did everything they could to get the loan to the closing table.” Notably, the $2.7 million loan was secured at an 8% interest rate. “Our work isn’t just to close deals, but to secure favorable terms,” said Kennedy Funding CEO/president Kevin Wolfer . “The strength of this deal allowed us to secure a good interest rate.” Development of this project has been long in the mak- ing. In 2019, the borrower purchased the collateral in four individual and contigu- ous tax parcels for $3 million, with assemblage costs of $6.3 million. The borrower worked extensively with the town to approve construction plans for the development, called Dhaliwal Landing. “There are countless moving parts in any transaction, and this one was no exception,” said Edwin Urrego , execu- tive loan officer, Kennedy Funding. “Our team has a track record of adaptability because we see our clients’ vision. We’re happy to have deftly navigated the challeng- es and successfully closed for another satisfied borrower.” “For more than 35 years, we’ve been the go-to lenders for creative problem-solving that helps borrowers reach the
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