Edwin Urrego is executive loan officer of Englewood-based Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $1.28 million land loan to a developer hoping to bring a hotel to a growing residential and tourism area in Washington State.
Based in Englewood, the direct private lender said MBrar Investments LLC will use the proceeds for working capital and to pay off an existing seller note in connection with the Moses Lake property. Construction permits are pending for the project at 2308 West Broadway Ave., Kennedy Funding said, noting that the 17.3-acre tract sits on a major thoroughfare only a few blocks from Interstate 90, benefiting from high visibility and accessibility.
“Kennedy Funding is no stranger when it comes to complex land loans, and we’re renowned for our ability to find innovative ways to close deals,” CEO Kevin Wolfer said. “We are uniquely situated to work through challenges and complexities to ensure our clients get the funding they need.”
According to a news release, MBrar Investments went into contract to purchase the Moses Lake property in 2020 during the COVID-19 pandemic, completing the purchase in 2021 for $2.85 million. Notably, Kennedy Funding agreed to allow the existing lien holder to subordinate another loan behind the new debt in the amount of $700,000.
Edwin Urrego, executive loan officer at Kennedy Funding, noted that the land was put up as collateral.
“We pride ourselves on getting clients to the closing table, regardless of obstacles,” Urrego said. “When a deal has merit, we will find a way to secure funding — a testament to our capabilities and our commitment to our clients.”
In announcing the deal, Kennedy touted Moses Lake’s scenic beauty and outdoor recreational opportunities in a location that’s a 2.5-hour drive from Seattle. It’s home to the largest freshwater body in Grant County, with more than 120 miles of shoreline, and is experiencing a surge in developer interest as many tech companies have moved to the area in recent years.
Notable firms with a presence in Moses Lake include SGL Carbon, which manufactures carbon fiber and is poised to operate the largest carbon fiber plant in the world, as well as Dell, International Paper and Boeing.
“Being the go-to source for land loans means that the developers will be able to confidently move forward with this Moses Lake project — a hotel that will serve a growing number of visitors while helping build the community,” Wolfer said.
