F inancial D igest F eaturing C reative F inance
Real Estate Journal — June 8 - 21, 2018 — 9A
M id A tlantic
Kennedy Funding Financial closes $2 million loan
To refinance existing debt & recapture equity in storage facilities Progress Capital’s Anderson negotiates $36Mincomm’l. loans
or other extenuating factors most conventional lenders don’t examine,” Wolfer said. “Since these apartments will be located in a very popular neighborhood, funding a con- struction loan to build more housing was an easy decision for us to make.” Plans for the property in- clude four two-bedroom, one- bathroom units and four one- bedroom, one-bathroom units. The future new development is located near community parks, restaurants, movie theaters, concert venues, and shopping. A waterfront park is scheduled to open in June on the neighborhood’s former Domino sugar factory site. The property is a few blocks away from the J, M, Z and L subway lines and located near the Brooklyn-Queens Express- way (I-278), an ideal location for public transportation rid- ers and drivers alike. “A loan fromKennedy Fund- ing Financial enables the bor- rower to transform this empty property into a revenue-gen- erating investment,” Wolfer said. “With prime access to transportation, shopping, and recreation, these apartments will pique the interest of many potential renters.” Kennedy Funding Financial, is a nationwide direct private lender specializing in bridge loans for commercial property and land acquisition, develop- ment, workouts, bankruptcies, and foreclosures. The prin- cipals of the company have closed over $3 billion in loans to date.
ENGLEWOOD CLIFFS, NJ — A property that sat empty for a decade in one
of New York City’s hottest n e i g h b o r - ho ods wi l l now become housing. Kennedy Funding Fi- nancial , the Eng l ewo od
second property, located in Yonkers at 280 Fullerton Ave., is a five-story 190,000 s/f self- storage facility constructed in 2012. The combined loans repre- sent a 66% loan to value for both properties. The proceeds of the loans include significant cash out that Tomassetti and his partners plan to reinvest in future real estate acquisi- tions adding to the Storage Fox brand. Previously, Anderson negotiated both the construc- tion loans and first mortgages on the aforementioned proper- ties. “Having worked with Kathy for over 10 years now, she has proven integral in securing the
financing we need to position Storage Fox and my personal commercial real estate hold- ings for future growth. Her knowledge of financing options and market trends allow us to focus on growing our portfolio while maintaining a healthy return on our investments,” said Tomassetti. KathyAndersonworkedwith Signature Bank to secure a 7 year fixed rate at 4%, 25 year amortization and no prepay- ment penalty. The borrower was represented by Chris Read, Esq. of the Amato LawGroup and the bank was represented by Gene Martin, Esq. of Sankel, Skurman & McCartin, LLP .
ueens, NY — Man- ag i ng pa r t ne r o f Progress Capital,
Kathy An- derson , ne- gotiated two $18 million commercial m o r t g a g e l o a n s f o r Dino Tomas- setti, manag- ing partner of
Cliffs-based direct private lender, closed a $2 million loan to LZBC Next Level Re- alty, LLC. The borrower will use proceeds from the loan to fund the construction of an eight-unit, four-story walk-up building at 100 Scholes St., a 2,500 s/f property in the Wil- liamsburg neighborhood of Brooklyn, NY. “Housing is in very high demand in New York City,” said Kevin Wolfer , CEO of Kennedy Funding Financial. “Building apartments in one of the hottest rental markets in the United States is a very smart use of this real estate.” Williamsburg is one of the most in-demand neighbor- hoods in New York City, with the average monthly rent for a 2-bedroom apartment hover- ing around $3,200. According to Wolfer, Kennedy Funding Financial takes factors such as neighborhood popularity into account when evaluating loan applications. “As a direct private lender, our process allows us to look beyond the application, so we can close a loan based on the merits of the deal itself
Storage Fox, Inc., to refinance the existing debt and recap- ture equity in two self-storage facilities. Constructed in 2013, 30-46 Northern Blvd. in the Long Island City section of Queens is a 12-story 123,000 s/f mixed-use building. The
Meridian’s Ackerman & Sonnenschein arranges $15M in construction financing for The Davenport
Somerville, NJ — Me- ridian Capital Group ar- ranged $15 million in construc-
tion financ- ing for The Davenport, a multifamily property in Somerville, on behalf of de- veloper Rob- ert Weiss of Weiss Prop- erties . Located at 21 Davenport St., The Dav- enpor t wi l l feature four stories with 60 one- and two-bedroom luxury rental
21 Davenport St. rendering
The 30-month construction loan features a prime-based floating rate and was provided by a regional balance sheet lender. Meridian managing di- rector, Shaya Ackerman , and senior vice president, Shaya Sonnenschein , negotiated the financing for this transac- tion. Based in the company’s NYC headquarters, Ackerman and Sonnenschein specialize in transitional loans across all property types with a focus on structured finance, bridge loans, and value-add business plans. This unique team has distinguished themselves advis- ing sponsors on all aspects of a transaction’s capitalization and has assembled full capital stacks for numerous complex repositioning and development plans. “Shaya Ackerman and Shaya
Sonnenschein are both profes- sional and have a tremendous grasp of the financial market,” said Weiss. “I am glad we were able to continue our relation- ship with the financing of The Davenport.” This closing comes on the heels of another successful transaction between Weiss Properties and Ackerman and Sonnenschein, who previous- ly arranged $46 million in construction and permanent financing for The Avery, a 450- unit apartment community in Burlington County. Somerville is experiencing a substantial economic and popu- lation upswing, with Main St. seeing the most robust growth, as host to the area’s largest concentration of retail shops, local amenities, and high-end restaurants.
units. With direct access to ma- jor highways and a plethora of shopping and dining in the area, the property will attract young professionals looking for a new, modern, and easily accessible place to live. Communal ameni- ties will include a recreational area, a state-of-the-art fitness center, storage lockers, and a common-area lounge. In addi- tion to retail shops and high- end dining, Somerville has one of the best education systems in the state, having been awarded the District of Distinction and Best Practice Award.
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