A rendering of a building at The Seventy-Six, a mixed-use project in Albany, New York — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed $850,000 in financing to the developers of a four-building, mixed-use project in Albany, New York, the Englewood Cliffs-based lender announced last week.
The firm said the borrowers, South End Development LLC and 76 South Holding LLC, will use the loan proceeds to cover soft costs at the site in the city’s South End neighborhood. Plans for what’s known as The Seventy-Six call for some 240 apartments, including affordable housing, along with retail and other commercial space over a stretch of 25 parcels.
The development is planned for an area between Second Avenue, Krank Street, Leonard Street and Seymore Avenue, steps from Krank Park and the Albany Charter Community School, Kennedy Funding said. The firm also noted that the project will generate its own power and recycle storm water for toilets and other uses.
“We pride ourselves on finding a way for our borrowers to get the funding they need,” said Kevin Wolfer, CEO and president of Kennedy Funding. “The merits of the deal are what’s most important for us. With the impressive proposals and tremendous excitement generated around The Seventy-Six, this project has the potential to become the next crown jewel for Albany.”
He added that the project has the potential to revitalize a neighborhood that has faced significant closures and departures of mainstay businesses such as restaurants and the last drugstore, along with a Department of Motor Vehicle facility that brought visitors and jobs to the area. Under the plan, each of the four buildings will be up to eight stories tall.
“The Seventy-Six will be one of the most significant proposals the south side has seen in decades,” Wolfer said, adding: “Housing, jobs and retail — The Seventy-Six is generating tremendous excitement for the South End neighborhood and for Albany at large.”
