Edwin Urrego is executive loan officer of Englewood-based Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $2.7 million loan in connection with a mixed-use project that will bring nearly 600 new multifamily units to a suburb outside Tacoma, Washington.
According to the lender, which is based in Englewood, Dhaliwal TC Landing LLC will use the loan proceeds to assist with its land acquisition and working capital for the development of 12.2 acres at 1926 Meridian Ave. East in Edgewood. The project is several years in the making, Kennedy said, noting that the borrower in 2019 purchased the collateral in four individual and contiguous tax parcels for $3 million, with assemblage costs of $6.3 million, while working with the town to approve construction plans for what will be known as Dhaliwal Landing.
Plans call for 578 multifamily units and 31,500 square feet of commercial space.
“Borrowers don’t always understand the process and there were a lot of hurdles along the way,” said Jackson Zhang of Golden Tree Lending, who connected Dhaliwal TC Landing with the direct private lender. “We faced environmental issues and problems with the developer agreement, but Kennedy Funding did everything they could to get the loan to the closing table.”
The loan comes with an 8 percent interest rate.
“Our work isn’t just to close deals, but to secure favorable terms,” Kennedy Funding CEO and President Kevin Wolfer said. “The strength of this deal allowed us to secure a good interest rate.”
Edwin Urrego, Kennedy’s executive loan officer, added: “There are countless moving parts in any transaction, and this one was no exception. Our team has a track record of adaptability because we see our clients’ vision. We’re happy to have deftly navigated the challenges and successfully closed for another satisfied borrower.”
The lender noted that, with an estimated current population of just under 10,000, Edgewood is part of the larger South Sound region near the Puget Sound waterway, providing residents with a small-town feel and proximity to the greater Seattle-Tacoma area.
“Edgewood sits just east of Tacoma, the third-biggest city in Washington state, and quite close to the tech and cultural capital of Seattle,” Wolfer said. “This makes housing and retail a good use of property, where both the population and employment opportunities are growing.”
