4A — February 28 - March 12, 2020 — M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Lender concludes $2.75 million land loan in Tuscaloosa, Alabama Kennedy Funding closes $3 million loan for residential resort in Central America
NGLEWOODCLIFFS, NJ — Kennedy Fund- ing c ontinues to make its name as a leading inter- national direct private lender, with the closing of a $3 million loan to Point Alegre Develop- ment in the Central American country of Belize. Loan proceeds will be used for refinancing, debt payoff, construction, and working cap- ital to fund the development of 19 acres zoned for residential tourism inside Orchid Bay, a 114-acre master-planned bay- front residential resort com- munity located in the Corozal Bay inlet. A total of 30 parcels E
Tuscaloosa hotel rendering
inside Orchid Bay are part of this development phase. This is the second loan Ken- nedy Funding has closed in Belize, a Central American country near the Caribbean Sea. “Traditional lenders shy away from the legal, real es-
tate, and financing challenges that accompany international lending, but a lender like Ken- nedy Funding has the neces- sary experience to success- fully close loans abroad,” said Kevin Wolfer , president and CEO, Kennedy Funding. “The loan for Orchid Bay required significant legal work and knowledge of local, regional, and international real estate and financial laws. No typical lender could make this type of deal happen. Thanks to our years of work and robust track record inmany regions abroad, including the Caribbean, Ken- nedy Funding successfully navigated the legal framework necessary to close.” According to Wolfer, the first phase of development on the site has been constructed and fully sold. Tuscaloosa, AL —Ken- nedy Funding closed a $2.75 million loan to SLH Tusca- loosa, LLC. The borrower will use the proceeds toward the $5.5 million purchase of 38.7 acres of raw land along the northern banks of the Black Warrior River, which runs through Tuscaloosa. According to Wolfer, the borrower plans to construct a 120-room Southern Living- branded hotel, along with 32 cottages available for indi- vidual sale. “It was a complex loan, and Kennedy Funding went above and beyond to make it hap- pen,” said Solomon Camp- bell , managing director of Chiron Securities LLC , the broker that represented SLH Tuscaloosa, LLC. According to the developer, the 124,000 s/f complex will in- clude a restaurant and fourth floor rooftop lounge called “The Boat House,” developed by Birmingham, Alabama-based restaurateur Chris Hastings. The site also calls for a TopGolf Swing Suite, an event space for wine tastings and cooking tutorials, and The Greater Southern Bakery and Cof- fee House café that features recipes from Southern Living Magazine .
Orchid Bay, Belize
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