By Joshua Burd
Kennedy Funding has closed on a $2.4 million loan that will pave the way for a new 221-acre residential development in Wyoming’s second-largest city.
The Englewood Cliffs-based lender on Friday announced the loan for Gaddis Custom Building LLC, a developer in Casper, Wyoming. The borrower will use the loan proceeds to pay off existing debt and to fund the infrastructure for 45 residential lots in the city, a subdivision of Casper’s Heritage Hills housing development.
“Casper is home to many companies in the oil, gas, and energy industries — so many that it’s nicknamed ‘The Oil City,’ ” said Kevin Wolfer, CEO and president Kennedy Funding. “As growth returns to this important sector of Wyoming’s economy, the housing demand is rising as well. The recent uptick in oil prices makes it an optimal time to build new homes in Casper.”
The Heritage Hills subdivision sits at the end of South Beverly Street on Casper’s East Side, Kennedy Funding said in a news release. The site contains 243 lots, 45 of which will be developed immediately into a mix of two- to four-bedroom homes, while about 150 acres of raw land has been set aside for future development.
Kennedy Funding also touted the community’s proximity to major commerce centers, three golf courses and Casper College.
“Families can expect to spend less than 20 percent of their income on housing costs, which makes this new construction very appealing to buyers,” Wolfer said, adding that the city’s housing accessibility has earned it a place on Forbes’ “Best Small Cities to Raise a Family” list. “Between the excellent affordability and an energy industry on the rise, I’m not at all surprised that sales activity in Casper has doubled in 2018.”