Crown Court at 109 North Seminole Ave. in Inverness, Florida — Courtesy: Kennedy Funding
By Joshua Burd
A senior housing community in Central Florida is set to be renovated with the help of a newly completed loan by Englewood-based Kennedy Funding.
In a news release, the direct private lender said it provided funds to borrower Vseva Crown Court LLC, which paid $3.725 million for the 0.697-acre property in Inverness. Its plans to upgrade the 120-year-old Crown Court will tap into the growing demand for senior housing nationally and in Florida, which is home to more than 900,000 people who are 80 or older.
The property is in a tranquil neighborhood that Kennedy Funding said is ideal for retirement, one that’s about 75 miles north of Tampa and easily accessed by multiple highways. It’s also close to multiple parks, lakes, restaurants and health care facilities.
“The Crown Court community is known for providing high-quality care, and the planned improvements will make this facility even better for its residents,” said Chase Wolfer, a loan office with Kennedy Funding. “Securing this loan so quickly for a project this important is exactly why borrowers turn to Kennedy when they need funding in a short turnaround time.”
He added: “There’s exponential growth in the senior living commercial real estate market, and an urgent need to meet the expected demand for beds over the next decade. Facilities like Crown Court are providing a sorely needed service in an incredibly in-demand sector.”
Kennedy Funding also noted that the Crown Court transaction reflects its areas of expertise — closing loans in days or weeks instead of months.
“Time is money when it comes to commercial real estate projects, and with traditional lenders, the lengthy funding process stalls work on the kind of renovations Crown Court wants to make,” said Kevin Wolfer, CEO and president of Kennedy Funding. “When you partner with Kennedy, you don’t have to worry about unpredictable, unreliable or drawn-out closing dates. We’re here to get you to the closing table as soon as possible.”
