6A — February 2024 — Financial Digest — M id A tlantic Real Estate Journal
www.marej.com
F inancial D igest
WilkinGuttenplan adds Burkhalter as partner
December 2023 brought several successful closings Kennedy Funding closes loans totaling $10.1M in MD & NY
held businesses. His primary focus is Common Interest Re- alty Associations throughout NJ and Pennsylvania, where he uses his deep real estate expertise to provide valuable insights to his clients. His work with them includes audits, reviews, tax, and compilation services. Additionally, he pro- vides agreed-upon procedure engagements to these clients. Burkhalter also provides close- ly held business clients with audit, review, compilation, tax return preparation, tax plan- ning, and other miscellaneous consulting services. Before joining the firm in 2009, Burkhalter earned his Bachelor of Science from Rider University of New Jersey. He continues his education through regular continuing pro- fessional education (CPE) and educational seminars. MAREJ
EAST BRUNSWICK, NJ — Wilkin & Guttenplan, P.C. (WilkinGuttenplan) an-
C HESAPEAKE CITY, MD & OLD WEST- BURY, NEW YORK
nounced the promotion of Jordan Burkhalter to partner. As a partner, Burkhalter will continue to provide service to his clients and
— Current challenges in the lending market make closing a deal more difficult than typically expected. But for Kennedy Funding , De c embe r
Jordan Burkhalter
strengthen WilkinGuttenplan with his dedication to the firm’s vision. Burkhalter started his career with the firm during the 2008 summer internship program. In 2009, he was hired as a full-time employee. Today, Burkhalter divides his time between working with clients in the real estate, healthcare, and dental industries and closely
Kevin Wolfer
2023 brought several success- ful closings, including a $5.1 million loan for the acquisition of a 2.5-story, 12,750 s/f single- family home. The property is part of a 437-acre winery in Chesapeake City. Notably, Kennedy Funding closed the loan in eight busi- ness days, when traditional lending can take weeks or months to close. The loan commitment was executed on December 14, 2023, and closed on December 27, 2023, in the midst of the peak holiday sea- son, a period when obtaining real estate financing typically takes longer, especially from traditional funding sources. This was the third loan Ken- nedy Funding closed in the last week of December. “You need to anticipate chal- lenges and delays during the holiday season, and you need to know how to navigate them while still meeting the borrow- er’s needs in a timely fashion,” said Kevin Wolfer , president/ CEO of Kennedy Funding. “At Kennedy Funding, we have the experience and know-how to assess potential deals on next-toimpossible timelines and get funding in the hands of borrowers at any time of the year.” The borrower, AE Bohe- mia Manor Farm, LLC , will use the proceeds toward its $8.9 million purchase of the property. AE Bohemia Manor Farm intends to maintain the current operations of Chateau Bu-De Winery & Vineyard, along with its five catering establishments and bed-and- breakfast, in collaboration with VIVÂMEE Hospitality , which manages three other luxury resorts. The winery includes a 15,000 s/f building with a tasting room, a ballroom, entertainment spaces, and a full catering kitchen with food served on-site. Chateau Bu-De Winery & Vineyard hosts 30,000 visitors per year,
Chateau Bu-De Winery & Vineyard
M&T RCC appoints new CEO and other organizational changes
Estate in Old Westbury, NY
with just under 60,000 vines of Pinot Noir, Chardonnay, and other widely sought-after wines. Weddings and events at the winery are booked well into 2024. Wolfer said that Kennedy Funding evaluates its lend- ing prospects largely on their value to the surrounding community, and the winery’s popularity was a clear sign of that value. “Direct private lenders like us are free to examine the merits of a deal, without being forced to tick certain boxes or meet potentially irrelevant criteria,” Wolfer said. “Between Chateau Bu-De Winery & Vineyard’s gorgeous waterfront scenery, stunning bed-and-breakfast space, state- of-the-art vineyard, catering, and event spaces, we were fully confident that the borrower’s purchase would elevate the Chesapeake City community.” “Between Chesapeake City’s geographical proximity to ma- jor cities and Chateau BuDe Winery & Vineyard’s historic ties to its hometown, it’s clear to see that this site will con- tinue to be a destination for wine lovers, events, and wed- dings,” Wolfer said. “We are proud to have closed this loan, especially during the holiday
when it can be harder to get deals done. Our ongoing mis- sion is to continue to support our clients who aspire toward a prosperous future with their real estate ventures. In a second transaction, Ken- nedy Funding closed a $5 mil- lion loan on a residential estate in affluent Old Westbury, NY. The loan proceeds will be used for working capital. There is no debt on the property. Despite numerous setbacks and challenges, Kennedy was able to fill the funding void, providing the necessary capital. The loan was brokered by Hong Hu of Googain, Inc., and Nicole Cayton of KR Capital . For Kennedy, the transaction best demonstrates its commitment to providing funding, especially in these uncertain times, when con- ventional lending has all but dried-up. “The borrower needed to close by the end of the year, and we were able to perform our due diligence and deliver in a timely fashion,” said Wolfer. “Despite the fact that there was no debt on the property, the journey to the closing table can often be lengthy, espe- cially when there is a bank or conventional lender involved,” Wolfer added. MAREJ
Michael Edelman
Mark Gould
Joe Pizzutelli
Kevin Collins
new strategic arrangements such as the alliance with Mar- cus and Millichap. Additional leadership ap- pointments include: • Mark Gould and Joe Pizzutelli have been named as co-heads of M&T RCC National Production. Gould will manage the orga- nization’s relationships with Freddie Mac and Fannie Mae, oversee M&T RCC’s strategic partnership with Marcus and Millichap, work with M&T Bank Institutional client re- lationships, and spearhead new growth strategies and partnerships. Pizzutelli will focus on expanding current M&T Bank Institutional Com- mercial Real Estate (ICRE) client relationships. • Kevin Collins has been named M&T RCC Life Com- pany platform manager. In his new role, Collins will be responsible for overseeing Life Company production, managing our relationship with numerous capital sources, and continuing to grow the Life Company plat- form. Don Pettit , the previous platform manager, will remain part of the team, assisting Col- lins in the transition. MAREJ
BALTIMORE, MD — M&T Realty Capital Corpora- tion (M&T RCC) announced a series of organizational changes designed to position the business for continued growth and expansion. Michael Edelman , cur- rently serving as president, will succeed current CEO Michael Berman , who will transition to the role of execu- tive advisor. Both executives will continue to report to Tim Gallagher , M&T Bank Head of Commercial Real Estate, and Berman will remain a member of M&T RCC’s board. Edelman joined M&T in 2016 as M&T RCC Agency Product Manager and has been in the role of president since February 2022. He is an experienced CRE finance executive with over 25 years of mortgage banking experi- ence and has been involved in more than $6B of transactions throughout his career. Berman joined M&T RCC in 2019 and has transformed the M&T commercial mortgage real estate business. Under Berman’s leadership, M&T RCC has seen four years of sustained growth, including
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