M id A tlantic Real Estate Journal — Financial — October 2024 — 41
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F inancial
NJ-based private lender steps in & closes deal after the original lender backs out last minute Kennedy Funding closes $3.375M land loan for 39-acre Apopka, FL mixed-use development
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second mortgage. That helped get this deal to the finish line,” Marshall said. Plans for the 39.88-acre site include the construction of commercial space, retail, and nearly 300 townhomes. The property is located at the inter- section of W. Orange Blossom Trail and Neal Sibert Dr., a strategic location that offers direct access to major beltway State Rd. 429. The property has been un- der contract for three years. The developers went through multiple planning and zoning approvals with the City of Apopka and Orange County,
readying the site for its next stage of construction. “The development is going to bring much-needed hous- ing and improvements to the area, and the City of Apopka is very excited that we are mak- ing this contribution to the community,” Marshall said. “Kennedy recognized the value in this project from Day One and worked closely with us to ensure its success.” Mark Falzone , executive loan officer at Kennedy Fund - ing, highlighted the deal’s complexity and Kennedy’s ability to close where others could not.
“This project faced several hurdles, from zoning approv- als to financing challenges. Kennedy Funding was able to structure the deal to meet the borrower’s needs and get it done, especially when time was of the essence,” Falzone said. Florida has one of the fast- est-growing populations in the US. For the past decade, Florida has grown by 300,000 to 380,000 new residents per year. According to the US Cen- sus, the Orlando-Kissimmee area added nearly 55,000 new residents between 2022 and 2023 alone. This increased need for housing, coupled with
Apopka’s proximity to major transportation hubs like the Orlando International Airport and major economic drivers like Disney World, reinforces the strong market potential for this mixed-use development. “Central Florida continues to experience substantial pop- ulation growth,” Wolfer said. “We saw the incredible poten- tial in this project from the start. Our ability to navigate complex deals — and to step in quickly when needed — is what sets us apart. At Ken- nedy Funding, we’re proud to help bring this much-needed development to life.” MAREJ
NGLEWOOD, NJ — A new mixed-use develop- ment is coming to one
of the fast- est-growing regions in the United States, with help from Kennedy Funding . The Engle- wood-based
Mark Falzone
direct private lender an- nounced the closing of a $3.375 million loan to Apopka Two Holdings, LLC. The funds will be used for land acquisition and working capital for infrastructure improvements on an ambi- tious mixed-use development project in Apopka, Florida, 20 miles north of Orlando. According to Kevin Wolfer , CEO of Kennedy Funding, Apopka Two Holdings ini- tially worked with a local lender, but the deal stalled in its final stages. Facing tight deadlines and rising interest rates, Jacques Duverger , broker and advisor for the borrower’s mortgage broker Venture Capital Funding , turned to Kennedy Funding specifically because of their reputation for fast closings and extensive experience with lending on raw land. “The professionals at Ken- nedy Funding were incredible and tenacious,” said Duverger. “Kennedy found a way to over- come obstacles so we could close in the nick of time. We found them to be reliable with a lot of integrity — unique qualities that stand out in an industry often synonymous with false promises.” James Marshall , manag- ing partner of Florida-based developer Benge Develop- ment , said that Kennedy successfully closed when “the initial lender backed out at the 11th hour.” “We were dealing with an- other funding source who was well known in the area.” Marshall said. “Right at the finish line they threw curve balls we were not expecting. We have investors. We had to pivot very quickly in order to close. Kennedy stepped up in a pivotal moment.” “Their out-of-the-box think- ing was exactly what we need- ed to get this project back on track. Kennedy was able to convince the seller to hold back $2 million in the form of a
by your lender? Meet your funding soulmate. Closed, after the original lender backed out!
$3,375,000 Just closed Land Loan Apopka Two Holdings, LLC Apopka, FL
Our borrower’s original lender pulled a disappearing act. Bad news, until Kennedy stepped in and delivered a $3.375 million land loan for their 40-acre mixed-use project. We close where others can’t, even the most complex deals, with no nightmares. With over $4 Billion in closed loans, why would you go anywhere else?
Call 1-800-342-8500 or visit KennedyFunding.com
land, development and acquisitions, bankruptcies, discounted payoffs, note purchases, workouts and foreclosures
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