Mark Falzone
By Joshua Burd
Kennedy Funding has closed nearly $4 million in financing to the would-be developer of a mixed-use project outside Orlando.
The direct private lender, which is based in Englewood, said the $3.75 million loan will support the borrower’s acquisition of land and working capital for infrastructure improvements in Apopka, Florida. Plans for the 39.88-acre site call for the construction of commercial space, retail and nearly 300 townhomes at the intersection of West Orange Blossom Trail and Neal Sibert Drive, which sits around 20 miles north of Orlando and has direct access to Route 429.
Kennedy Funding CEO Kevin Wolfer noted that the borrower, Apopka Two Holdings LLC, initially worked with a local lender but had to pivot when the deal stalled in its final stages.
“The professionals at Kennedy Funding were incredible and tenacious,” said Jacques Duverger, the borrower’s mortgage broker. “Kennedy found a way to overcome 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, managing partner of Florida-based developer Benge Development, added that Kennedy Funding “was able to convince the seller to hold back $2 million in the form of a second mortgage. That helped get this deal to the finish line.”
The property has been under contract for three years, according to a news release. 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.
“This project faced several hurdles, from zoning approvals to financing challenges,” Kennedy Funding Executive Loan Officer Mark Falzone said. “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.”
Wolfer added: “Central Florida continues to experience substantial population growth. We saw the incredible potential 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 Kennedy Funding, we’re proud to help bring this much-needed development to life.”
