The site of a planned mixed-use development at 36th Street North and Martin Luther King Jr. Boulevard in Tulsa, Oklahoma — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed on more than $1 million in financing to help pave the way for a planned mixed-use development in Tulsa, Oklahoma.
The direct private lender, which is based in Englewood Cliffs, on Friday announced the $1.05 million loan to Alfresco Group LLC. The borrower will use the proceeds for site preparation, working capital and soft costs for site construction for the project, which will develop 22 acres of raw land into multifamily housing, retail space and a boutique hotel.
Kennedy noted that the developer, whose site is located at 36th Street North and Martin Luther King Jr. Boulevard in Tulsa, closed the loan only 10 days after accepting its offer.
“Traditional lenders often take months to close loans because they are deeply risk-averse and slow-moving,” said Kevin Wolfer, CEO of Kennedy Funding. “Because our dedicated team does not have the same restrictions as a bank, when our team performed its due diligence, we were able to see the project for what it will be, as opposed to what it isn’t.”
Located just north of Gilcrease Expressway, the property is comprised of three adjacent parcels that were purchased in three stages over the past two years, Kennedy said. The firm noted that the site is minutes from Osage Casino and four miles from downtown Tulsa, while also close to shopping and tourism destinations and area universities.
The Tulsa International Airport and several major highways — including routes 75, 412 and 64 and Interstates 44 and 244 — are easily accessible from the property.
“This development will offer not just new housing opportunities for college students, young professionals, couples and families, but additional shopping opportunities and a luxurious hotel located a quick drive from all of Tulsa’s biggest attractions,” Wolfer said.