A nearly 35-acre tract at North Phoenix Road and Coal Mine Road in Medford, Oregon, includes roughly 10.1 acres zoned for community commercial and 24.51 acres zoned for single-family residential. — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $2.7 million land loan to the owner and would-be developer of some 35 acres in one of Oregon’s largest cities.
The direct private lender, which is based in northern New Jersey, said the deal will provide working capital to Haya Enterprises LLC as it mulls its options for the site at North Phoenix Road and Coal Mine Road in Medford. That optionality and location in Oregon’s eighth-most-populous city provides what Kennedy Funding said was significant long-term development potential, adding to the site’s appeal despite the city’s challenging economy, increasing unemployment and cooling health care jobs.
“This is the type of loan Kennedy Funding specializes in,” said Jared Levitt, a loan officer at Kennedy Funding. “When traditional lenders can’t deliver, we can often find a way forward by focusing on the value of the real estate. In this case, the site’s combination of commercial and residential development potential gave us confidence in the opportunity and provided the borrower with multiple development options.”
The firm noted that the property, located across from Centennial Golf Club, also provides convenient access to Interstate 5, Oregon Route 99, downtown Medford and Rogue Valley International Airport.
“Opportunities like this don’t fit neatly into a conventional lending box,” said Kevin Wolfer, CEO and president of Kennedy Funding. “That’s where private lending can make a meaningful difference. By taking a practical approach and understanding the unique characteristics of each transaction, we can provide borrowers with the capital they need when traditional financing sources may not be an option.”
