Jared Levitt, loan officer at Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $1.633 million loan to the developer of what will be 13 single-family homes in southern Maine, the Englewood-based lender announced Friday.
According to a news release, Abode Communities Kennebunk LLC will use the financing to buy 17 acres of undeveloped land at 274 Alewive Road in Kennebunk, Maine, for $1.2 million. The property is contiguous to 70 acres that the borrower already owns, the direct private lender said, adding that the remaining funds will be put toward working capital.
“Housing demand on Maine’s South Coast is outpacing supply, and that’s exactly where we step in,” said Kevin Wolfer, CEO of Kennedy Funding. “A new development will be a welcome addition for individuals and families who want to relocate to Kennebunk.”
The borrower, which wanted to close in 30 to 45 days, is developing the property in conjunction with Habitat for Humanity and alongside a mobile home park with space for more than 50 residential units.
“Traditional lenders simply cannot meet this short deadline,” the borrower said. “This is a time frame that Kennedy Funding can typically accommodate, so we came to them to get to closing quickly.”
Jared Levitt, loan officer at Kennedy Funding, spearheaded the transaction.
“Throughout the commercial real estate industry, Kennedy Funding has a reputation for quick closings,” Levitt said. “We get right to business, focusing on important factors like a clean title and a current appraisal instead of on unnecessary details that only slow down time to closing.”
Located in York County, Kennebunk is about 30 minutes south of Portland, the biggest city in Maine, the news release said. The property is 7.5 miles from the beaches of downtown Kennebunkport and 10 miles from Biddeford and Saco, two growing cities in the region.
Kennedy Funding added that Maine’s South Coast has experienced significant economic and job growth in recent years. The state boasts the fastest growth of any of its neighbors in New England, with output of goods and services increasing by 4.4 percent in 2024 and much of that growth tied to the area’s famed marine areas.
“More people are coming to Maine for work or to enjoy this state’s beautiful nature, which means that housing will continue to be a hot commodity,” Wolfer said. “Projects like the one Abode Communities is spearheading will provide a tremendous benefit to the area. Kennedy Funding’s philosophy ensures that we can take those economic factors into account while helping borrowers get the funds they need to advance their visions.”
