Mark Falzone
By Joshua Burd
Kennedy Funding has provided a $2.7 million land loan to the developer of a planned 82-unit residential community in Tennessee, the Englewood-based direct private lender announced.
According to the firm, borrower 4TP Nashville Crossing LLC will use the funds to acquire some 10.3 acres on Old Matthews Road in Nashville, where plans call for a mix of townhomes, single-family dwellings and detached homes. The city has preapproved the development plans, with final approval pending and construction set to begin this fall.
The loan is the second that Kennedy Funding has closed for the borrower, Stephen M. LaMastra, managing principal of Atlanta-based Fourth Time Partners LLC.
“We had to close on the land. We know from experience that Kennedy is the leader in land loans,” LaMastra said. “The team came through and successfully closed a land loan for us before in Jacksonville, Florida, and we knew they could do it again.”
The Nashville property is the future home of what’s known as North Lights Crossing.
“The deal was funded in three weeks after the loan commitment was executed,” said Mark Falzone, executive loan officer with Kennedy Funding. “With all the necessary components in place, plus the approvals from the city to begin construction, we were able to move quickly to closing.”
Falzone added that Kennedy closed the loan even without final plan approvals in place, a caveat that many other lenders would consider a deal-breaker, citing Nashville’s rapid growth with its low cost of living, employment opportunities and quality of life.
“Developments like North Lights Crossing provide much-needed housing for new and longtime residents alike,” said Kevin Wolfer, CEO and president of Kennedy Funding. “Stephen M. LaMastra knew and trusted that we could deliver on a land loan, and that trust is why borrowers know that we are the go-to lenders who get it done.”
