$12.3 Million Loan From Kennedy Funding Helps Philadelphia Developer Acquire 71-Acre Tract Along the Delaware River
Wed Feb 28, 11:23 AMPHILADELPHIA, Feb. 28 /PRNewswire/ -- Joseph F. Logue, Jr. of Churchill Residential Development, LP knew a piece of property with potential when he saw one. In particular, he was looking at a stretch of redevelopment real estate located along the banks of the Delaware River in Philadelphia, Pennsylvania. It was a 71-acre tract that had recently been rezoned from industrial to mixed use, and could be re-subdivided into three lots. One lot would be for commercial/retail with six buildings of two to eight stories each. A second lot would be residential with 1,700 residential units consisting of low-rise flats, brownstones, high-rise condominiums, and town homes, while the third lot would remain industrial.
Logue was committed to purchasing and building out the residential parcel and therefore was looking for an acquisition loan for the purchase of that 60-acre tract. The acquisition wasn't going as quickly as anticipated, however, as there were some issues to be dealt with concerning the purchase that were making it difficult to find an agreeable and capable lender. Then he was introduced to Kennedy Funding, and the landscape changed almost immediately for the better.
Kennedy Funding, headquartered in Hackensack, New Jersey, is the industry's leading direct situational lender. Specializing in what to other lenders are 'impossible' loans, and bringing the kind of speed to the deal that other lenders simply cannot match, Kennedy specializes in loans that require experience, diligence, and unrivaled creativity.
According to Jeffrey Wolfer, Kennedy President and Co-CEO, "Joseph's deal had some conditions that had to be dealt with. One was a waste management operation near the water's edge that needed to be moved. One was an equity problem. Another was the existence of contamination issues. And still another was that part of the site is in the flood zone and will need to be filled. But this is the kind of problem-solving Kennedy is known for, so we got to work and were able to close the loan more than quickly enough to meet Joseph's timetable."
Allan Rich of Meridian Capital Group, one of the largest commercial mortgage brokerage firms in America, agreed. As Senior Loan Officer, Rich brokered the deal between Kennedy and Churchill, and had this to say: "I've been in this business for over 30 years, working for several major firms, and I've seen literally dozens of lenders come and go. Jeffrey Wolfer, Brendan O'Brien, and all of the Kennedy Funding staff went above and beyond anything I have ever seen during those 30 years. They addressed every problem, picked them apart, and made everything run like clockwork."
Wolfer also noted that residential and commercial demand in Philadelphia is strong and available units are in short supply. "The real estate market in the city has been and remains active," added Wolfer, "helped by a 10-year tax abatement that keeps buyers buying. Several new commercial high-rises are under construction downtown, and Joseph's project will help fill a noticeable void."
Kennedy Funding's evaluative process is quick, expert, and thorough, determining the intrinsic value of both the collateral and the project for which the funds are requested. The firm has the ability to issue loan commitments in as little as 24 hours, which can lead to a closing in less than a week. Available financing ranges from $1 million to $100 million and more.
While specializing in commercial real estate loans, Kennedy has funded such diverse enterprises as high-profile golf courses, amusement parks, TV and radio stations, airlines, and sports complexes, among others. Professionals including land-use developers, resort builders, entrepreneurs, and major businessmen have used the services of Kennedy Funding to great success. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.
SOURCE Kennedy Funding
ContactsDavid Green of Results Inc.davidgreen@resultsinc.com
+1-201-288-7888
for Kennedy Funding
