By Joshua Burd
Kennedy Funding has closed a $1.35 million loan for the owner of a 12-unit apartment building about an hour north of Miami, the Englewood Cliffs-based lender announced.
The firm said the borrower, Suncoast Boynton Realty LLC, will use the loan proceeds for working capital and upgrades for the Boynton Beach property. The short-term loan was funded at an 8 percent interest rate.
“Boynton Beach is part of the thriving metropolis in Florida with a growing population, so the combination of strong housing demand and steady economic growth spelled success for this project,” said Kevin Wolfer, CEO and president of Kennedy Funding.
The borrower purchased the building for $685,000 in 2013 and spent $150,000 renovating the units, including upgrades to plumbing and electrical, the direct private lender said in a news release. The building is currently fully occupied, generating gross rents of $100,800 per year.
“It can take months to secure a loan with a traditional funding institution, but with Kennedy Funding, our borrower could access the necessary capital quickly, without sitting around and waiting for a decision,” Wolfer said, touting Boynton Beach’s fast-growing population, amenities and access to major arteries.
“Boynton Beach and the West Palm Beach metro are growing, and with growth comes increased demand for housing,” he added. “Our flexible lending parameters allowed us to take this growth into consideration, instead of being chained to stiff guidelines like a traditional lender would be.”
