By Joshua Burd
Kennedy Funding has closed a $2.75 million land loan for a 420-unit multifamily project in Kansas City, Missouri, the Englewood-based firm announced Wednesday.
The direct private lender said the borrower, LOF GP LLC, will use the proceeds for working capital and cash-out purposes after acquiring the 31.51-acre property last April for $4.5 million. Kennedy Funding announced the deal while noting that the location, known as Kimpton Falls, is a 22-minute drive from downtown Kansas City and 13.7 miles from the Kansas City International Airport.
What’s more, major highways and state routes encircle the property, while the area also has national retailers such as Walmart, Dollar Tree, Wendy’s, Starbucks and McDonald’s within a four-mile radius along with housing, schools, cafes, parks and supermarkets, the firm said.
“The location of this property is one of the prime reasons it’s poised for future success,” said Kevin Wolfer, CEO and president of Kennedy Funding. “By doing our due diligence we followed through with the deal, which showcases Kennedy’s commitment to stepping in when traditional funding sources cannot meet the needs of developers.”
Steven Wilson, president of Barefoot Mortgage in Austin, Texas, brokered the transaction after a deal with another lender fell through.
“Where traditional lenders see obstacles, we see opportunities,” Executive Loan Officer Mark Falzone said. “Our expertise in delivering funding solutions for land acquisition and development is unmatched, and we’re proud to add the Kansas City project to our portfolio of success stories.”
