8A — June 17 - July 21, 2022 — Creative Financing — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
C reative F inancing
Direct private lender attributes success to fast closings, reputation for closing challenging deals Kennedy Funding surpasses $4 Billion in closed loans
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“Borrowers who are up against the clock have few options to turn to, since tradi- tional lenders can take months to get a deal done,” Wolfer said. “Many don’t have the lux- ury of time. Our firm can close a loan super-fast — sometimes in as little as five days.” Wolfer added that the firm’s willingness to fund certain deal types has been key to reaching its most recent mile- stone. Land loans are one such deal type: Wolfer said that the risks associated with lending on raw land make applications for those loans an automatic “no” from nearly any bank. “Traditional lenders are extremely risk-averse, which
irect, private lender Kennedy Funding has announced that
hundreds of loans across three continents, one of only a few US-based private lenders to do so. “For 35 years borrowers have turned to us when they cannot close with a tradi- tional financing institution,” Wolfer said. “We are the firm of choice by brokers, agents, and borrowers around the world who know that Ken- nedy Funding has a decades- long track record.” Wolfer said much of that success comes from the firm’s long-standing reputation for speedy closings, a crucial com- ponent for borrowers who need to act quickly on a commercial real estate opportunity.
makes it incredibly difficult for borrowers who don’t perfectly fit their rigid, pre-set criteria to qualify for a loan,” Wolfer said. “However, that doesn’t mean that the deal does not have merit on its own. Those factors shouldn’t get in the way between a borrower and the funding they need.” Similarly, Kennedy Fund - ing has earned a reputation for successfully closing deals abroad. Wolfer said that most lenders are not equipped to properly work with the varying regulatory and economic land- scape outside the US Kennedy Funding has the experience and track record to handle these requests.
“Borrowers want to work with US based lenders, but the new regulatory landscape, language barrier, and dif- fering geopolitical scenarios make it an insurmountable challenge for nearly every lender,” Wolfer said. “Kennedy Funding brings the experience necessary for borrowers to se- cure funding for lucrative op- portunities around the globe.” Kennedy Funding offers loan amounts from $1 mil- lion to $50+ million, with up to 75% loan-to-value (LTV). Loan proceeds can be used for myriad of purposes, includ- ing acquisition, bridge loans, workouts, refinancing, and debt payoff. MAREJ
the firm has surpassed $4 billion in closed loans. “$4 billion is a tremen- dous mile- stone in the private lend- ing sector,”
Kevin Wolfer
said Kevin Wolfer , president and CEO of Kennedy Funding. The Englewood, New Jer- sey-based direct private lend- er has built a reputation globally for its willingness to fund challenging and atypi- cal deals. The firm has closed
G.S. Wilcox & Co. arranges $19.4M in financing
Cronheim Mortgage secures $16M for 272,000 s/f NJ retail property
sota Life Insurance Company, totaled $12.2 million for the acquisition of a 76,000 s/f multi- tenant office. The financing was also secured on a 10-year fixed rate term. This property is a 30-minute drive from Phila- delphia and proximate to the affluent Main Line district. “G.S. Wilcox & Co. is pleased to secure such fa- vorable terms for these two well-located office properties despite the challenges this asset class has faced over these past few years,” Wil- cox said in a prepared joint statement. MAREJ veteran and tenured Walker & Dunlop employee, bolster collaboration and cross-selling throughout our platform.” “Commercial real estate re- mains a consistent and stable source of value in the capital markets, and I am excited to elevate Walker & Dunlop’s product offerings as we con- tinue to build one of the most versatile, skilled, and diversi- fied financial services compa - nies,” Resnick said. “Walker & Dunlop has established itself as a truly unique force in the market, thanks to our talented team of investment profession- als, our unparalleled brand and our ongoing development of innovative technology.” Resnick joined Walker & Dunlop in 2016, bringing over 25 years of commercial real es- tate experience with him. Prior to his new role, he served as Treasurer of the firm. MAREJ
based investor from two of the firm’s correspondent life insurance company lenders. The team
PISCATAWAY, NJ AND BALA CYNWYD, PA — G.S. Wilcox & Co.
announced that it has arranged $19.4 mil- lion in fi- nancing for two office buildings lo- cated in Pis- cataway, NJ
o b t a i n e d $7.2 million to refinance a 100,000 s/f multi-tenant office in Pis- cataway, NJ. Kansas City Life Insur-
Wesley Wilcox Bridget Wilcox
ance Company provided the 10-year fixed rate loan. The property features easy access and visibility from I-287. The second loan, provided by Minne-
and Bala Cynwyd, PA. Both financings were secured by the team of partners, Wes- ley and Bridget Wilcox , for a prominent New Jersey
272,000± s/f retail center located in Hackettstown, NJ
Cronheim Mortgage has ar- ranged $21 million in perma- nent financing for a 108,000 s/f grocery-anchored shopping cen- ter located in New Providence, NJ. The 10-year financing am - ortizes over 30 years and was placed with American United Life Insurance Company, whom Cronheim represents as cor- respondent and servicer. The borrower is a wholly-owned subsidiary of Urstadt Biddle Properties Inc. The subject property is an- chored by ACME who occupies 45,464 s/f (previously occupied by A&P) and is complemented by a host of inline retailers including CVS, Starbucks, Chipotle, Jersey Mikes, Pure Barre, Orange Theory, Wine Outlet, Chopt, Choice Pet Sup- ply, and Kessler Rehab, among many others. The property is 100% leased. The Subject is located on Springfield Ave. and serves the affluent demographic of Union County. Within a 5-mile radius of the property, the population is 175,230± with an average household income in excess of $209,000±. MAREJ
HACKETTSTOWN, NJ — Cronheim Mortgage has arranged $16 million in perma - nent financing for a 272,000± s/f retail center located in Hackett- stown, NJ. The 10-year financ - ing amortizes over 30 years. Dev Morris, David Poncia, Allison Villamagna , and Andrew Stewart represented the borrower, a wholly-owned subsidiary of National Realty & Development Corp . The subject property is a 272,046 s/f shopping center anchored by a 123,519 s/f Wal- Mart (ground lease), an 88,830 s/f Kohl’s department store, and a 21,674 s/f Marshalls. The balance of the center is leased to a mix of local and national brands, including Jersey Mikes and Dunkin Donuts, among others. At closing, the Subject was 97% leased with interest in the remainder of the space. Recent leases include Harbor Freight in 15,000 s/f Jersey Mikes, and Pho75 Vietnamese restaurant. The subject has historically experienced high occupancy levels and has been more than 90% leased since 2010.
Resnick to lead Walker & Dunlop’s newly formed investment management & proprietary Capital Group
all property types. Last year, the combined groups invested nearly $200 million in equity and originated $3.3 billion in debt across the commercial real estate market and we expect the realized synergies of these business lines to fuel future platform growth. “Mitch’s established rela- tionships and commercial real estate experience will be an invaluable addition to the proprietary capital, high yield, seniors bridge, and WDIP teams,” commented Sheri Thompson , executive vice president of Affordable Housing, Investment Manage- ment & Proprietary Capital. “As we continue to pursue our mission of matching the diverse investment needs of our investors with the capi- tal needs of commercial real estate owners, we are thrilled to have Mitch, an industry
BETHESDA, MD — Walk- er & Dunlop , announced that it is combining its fund management, proprietary capital, high yield, and seniors bridge lending groups into the Investment Management & Proprietary Capital Group which will be led by Mitchell Resnick . As part of his new role, Resnick will also serve as president of Walker & Dunlop Investment Partners, Inc. (WDIP), Walker & Dunlop’s wholly-owned alternative in- vestment manager. In today’s macroeconomic landscape, alternative capital sources are more important to sponsors than ever before. By combining these groups, Walker & Dunlop will more effectively navigate its clients through evolving market dy- namics as well as provide a broad and diversified suite of equity and debt products for
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