Edwin Urrego is an executive loan officer at Kennedy Funding
By Joshua Burd
The owner of a nearly 39-acre residential site outside Austin, Texas, has closed on $4.4 million in financing from Kennedy Funding, the Englewood-based direct private lender.
According to a news release, the loan provides capital for the next stage of the borrower’s plan for the Spicewood property. The owner first acquired the site between 2021 and 2022 in a deal valued at nearly $8 million and has since invested some $2 million for utility infrastructure and the demolition of previous structures — allowing it to potential sell lots to national homebuilders seeking inventory in the fast-growing Austin region.
Kennedy Funding Executive Loan Officer Edwin Urrego spearheaded the transaction, noting that the tract consists of six adjoining parcels at 3550 Alexander Circle and 3310 Crawford Road.
“This deal is exactly where we add value,” Urrego said. “This was a cash-out refinance on land that’s already been improved. The focus was getting the borrower liquidity while keeping the project moving forward.”
Spicewood, located in parts of three counties, continues to emerge as a desirable Hill Country submarket, thanks to its proximity to Lake Travis and the broader Austin area, according to a news release. The region has experienced sustained population and economic growth, along with continued residential expansion into surrounding communities.
The property also benefits from existing access via Crawford Road and nearby arterial routes, along with utilities already brought to the site, Kennedy Funding said. With no current zoning requirements, the land offers flexibility for future development — an increasingly rare advantage in a market experiencing rapid expansion.
“This was a pure cash-out refinance,” said Kevin Wolfer, the firm’s CEO and president. “The owner had already built meaningful value in the site and needed a way to access that capital efficiently. We structured the financing around the asset itself, giving them the flexibility to move ahead without disruption.”
