16 — May 2026 — Financial — M id A tlantic Real Estate Journal
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F inancial
Proceeds used for cash-out refinancing on 38.81-acre residential site Kennedy Funding closes $4.4 Million land loan in Spicewood, Texas
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fact that the property does not currently generate income — particularly in high-growth markets where timing and flexibility are critical. The transaction, led by Ken - nedy’s executive loan officer, Edwin Urrego , enabled the borrower to refinance the asset and access capital to support the next stage of the project. The property consists of six adjoining parcels, located at 3550 Alexander Circle / 3310 Crawford Road, featuring roll- ing Hill Country terrain and elevated areas with panoramic views of Lake Travis. The borrower originally ac- quired the property between 2021 and 2022 in an arm’s- length transaction for approxi- mately $7,973,000. Since then, the borrower has invested ap- proximately $2 million into the site for utility infrastructure
and the demolition of previous structures — positioning the property for residential develop- ment. The borrower’s long-term strategy includes the potential sale of the lots to national home- builders seeking inventory in the Austin growth corridor. “This deal is exactly where we add value,” said Urrego. “This was a cash-out refinance on land that’s already been improved. The focus was getting the bor- rower liquidity while keeping the project moving forward.” Spicewood, located in parts of three counties, continues to emerge as a desirable Hill Country submarket, driven by its proximity to Lake Travis and the broader Austin area. The region has experienced sustained population and eco- nomic growth, along with con- tinued residential expansion into surrounding communities.
The property benefits from existing access via Crawford Road and nearby arterial routes, along with utilities already brought to the site. With no current zoning re- quirements, the land offers flexibility for future develop - ment — an increasingly rare advantage in a market ex- periencing rapid expansion. “This was a pure cash-out refinance,” said CEO and president, Kevin Wolfer . “The owner had already built meaningful value in the site and needed a way to access that capital effi - ciently. We structured the financing around the asset itself, giving them the flex - ibility to move ahead with- out disruption.” With more than $4 billion in closed loans, Kennedy Funding continues to provide
borrowers with fast, flex- ible financing solutions, particularly for land and complex assets that require a deeper understanding of value and execution. About Kennedy Funding Kennedy Funding is a global direct private lender specializ- ing in bridge loans for commer- cial property and land acquisi- tion, development, workouts, bankruptcies, and foreclo- sures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to- value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America. MAREJ
NGLEWOOD, NJ — Kennedy Funding , a New Jersey-based direct
private lend- er, has closed a $4,400,000 cash-out re- finance loan on raw land in the Aus - tin, Texas, metro area, delivering
Edwin Urrego
liquidity to a successful prop- erty owner who had already in- vested heavily into a six-parcel site in the Texas Hill Country. The private lender’s loan underscores Kennedy Fund - ing’s ability to execute on large-scale land deals that often fall outside the scope of conventional lenders. Tradi- tional banks typically avoid raw land financing due to development risk, and the PENNSYLVANIA — Endurance Real Estate Group, LLC (Endurance) announced the completion of three separate refinancing transactions totaling $140 million in proceeds involving industrial properties owned and managed by affiliates of Endurance. The refinancings are secured by 15 industrial buildings totaling 2.2 million s/f throughout Pennsylvania’s I-78/I-81 Corridor. The refinancings were com - pleted with three separate capital providers, including a life insurance company for a stabilized 1 million s/f warehouse, a national bank- ing institution for a multi- tenant light industrial port- folio, and a bridge lender for the refinancing of a re - cently completed 234,000 KEARNY, NJ — Greystone has provided a $20,766,500 FHA/HUD-insured loan to refinance HELIO Apartments, a newly completed 69-unit mul - tifamily property in Kearny. The financing was originated by Eric Rosenstock , senior managing director, and Jesse Yodice , director, at Greystone, in collaboration with Alan Blank , managing director of Cushman & Wakefield’s Equity, Debt & Structured
Endurance announces $140 Million in industrial refinancings across Pennsylvania
JLL arranges financings for Lewandowski Commons & grocery-anchored portfolio
East Coast grocery
JLL Capital Market’s Debt Advisory team was led by Jim Cadranell, Jon Miku- la, Gregg Shapiro, Hunt- er Goldberg, Kelsey Baw- combe, Streeter Simmons and Caleb Henry . According to Cadranell, “These two transactions reflect strong lender confidence in high-quality, grocery-anchored retail assets with exceptional fundamentals. The combination of investment-grade and best- in-class regional grocers, strong sales performance, minimal capital requirements and stra- tegic locations in high-barrier- to-entry markets made these attractive opportunities for both Protective Life and Nationwide.” “These properties benefit from durable income streams, with nearly half of revenue derived from grocers operat- ing at low occupancy costs and demonstrating consistent sales growth. The financing structure provides Medipower with the flexibility to execute their business plan across these institutional-quality assets in premier markets,” Shapiro added. MAREJ
MORRISTOWN, NJ — JLL Capital Markets has secured $71.3 million in acquisition fi - nancing across two separate transactions for Medipower Group : Lewandowski Commons in New Jersey and a six-property portfolio spanning the Southeast. JLL represented Medipower Group in arranging financing for Lewandowski Commons through Protective Life and for the SEZ Retail Portfolio through Nationwide. The financing package in- cludes financing for Lewan- dowski Commons, a 77,743 s/f grocery-anchored center in Lyndhurst, NJ, and for a six- property portfolio spanning Myrtle Beach, SC; Virginia Beach, VA; and four properties throughout the Atlanta met - ropolitan area. The Southeast portfolio comprises Hickory Flat Village in Canton (74,020 s/f), Deshon Plaza in Stone Moun - tain (64,055 s/f), Flat Shoals Crossing in Decatur (69,699 s/f), Cascade Corners in At - lanta (66,844 s/f), The Plaza at Carolina Forest in Myrtle Beach (114,237 s/f) and Kroger Plaza in Virginia Beach (67,540 s/f).
HELIO Apartments is a newly constructed multifam- ily community comprising 69 studio, one-bedroom, and two- bedroom residences. “Greystone is pleased to de - liver a long-term FHA/HUD fi - nancing solution that supports the successful stabilization of HELIO Apartments,” said Yodice. “Working alongside Cushman & Wakefield’s EDSF team, we were able to structure s/f speculative warehouse. Each financing structure was tailored to align with the respective business plan and operating profile of the underlying investment. “We are very pleased with the outcome of these loans,” said Jared Newman , part- ner & senior vice president of Endurance Real Estate Group. “Completing these refinancings across multiple
lending sources reflects the quality of the underlying real estate, the strength of the tenant base, and continued lender confidence in Endur - ance’s operating platform. In addition to providing flex - ibility across the assets, these refinancings position the investments for continued execution of their respective business plans and ongoing value creation.” MAREJ a loan that aligns with the cli- ent’s objectives and the prop- erty’s strong fundamentals.” Blank added, “The collabo- ration between Greystone and Cushman & Wakefield’s EDSF platform enabled an efficient execution for this high-quality asset. HELIO represents a strong addition to the Kearny multifamily landscape, and this refinanc - ing positions the property for continued success.” MAREJ
Greystone & Cushman & Wakefield close $20.8M FHA/HUD loan for HELIO Apartments refinance in Kearny, New Jersey Finance (EDSF) team.
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