Suwanee Preserve at 3550 Alexander Circle in Cumming, Georgia — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $2.1 million cash-out refinance loan to the owner of a growing residential development in Georgia.
The private direct lender, which is based in Englewood, said the deal is tied to an 18-lot subdivision at 3550 Alexander Circle in Cumming, part of a larger residential community known as Suwanee Preserve in Forsyth County. The land loan allows the borrower to unlock capital tied up in the property, Kennedy said, noting that the subdivision’s utilities and roads are already in place, positioning the project for continued residential construction.
“This was an ideal situation where the borrower had already completed the heavy lifting,” said Edwin Urrego, executive loan officer at Kennedy Funding. “The lots were fully subdivided, infrastructure was in place and the property sits in one of the fastest-growing residential corridors outside Atlanta. By focusing on the real estate itself, we were able to structure a loan that allowed the borrower to access equity and continue moving the project forward.”
Urrego, who originated the loan, said the Suwanee Preserve development spans roughly 18.8 acres and includes residential lots ranging from about 0.5 to 0.63 acres. The project is just east of Buford Highway in southeastern Forsyth County, an area experiencing continued housing demand driven by growth in the greater Atlanta metropolitan region.
The borrower originally purchased the property in May 2024 for $2.77 million and sought a cash-out refinance loan to unlock capital tied up in the development.
“Traditional lenders often hesitate when it comes to land or partially completed developments,” Kennedy Funding CEO and President Kevin Wolfer said. “But when the fundamentals are strong — location, completed infrastructure and clear development plans — we can move quickly to provide the capital borrowers need.”
