Kennedy Funding is headquartered at 267 South Dean St. in Englewood. — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $3.6 million land loan in connection with a proposed mixed-use development in Southern California, the Englewood Cliffs-based lender announced.
The borrower, GF Services LLC, used the proceeds to purchase 17 acres in the city of Corona. The property includes two lots at Foothill Parkway and Chase Drive, where local officials have approved plans for 25,715 square feet of commercial space and 78 condominiums.
The developer has invested in rezoning, subdivision and entitlement since the properties were placed under contract in 2018, Kennedy Funding said. Kevin Wolfer, the lender’s CEO and president, noted that the loan was for 85 percent of the purchase price.
“With this groundwork done, the value of the property rose significantly to $7.2 million,” he said. “The value of the new Silver Lakes development is clear.”
The lender said that Corona, located southeast of Los Angeles, is home to a growing population of more than 157,000 residents and several large companies, including Monster Energy, Sterno and the distribution center for apparel company Zumiez. It is also easily accessible from major highways such as Interstate 15 and state Route 91.
The property is immediately adjacent to the Skyline Drive Trailhead and minutes from other destinations such as the Fremont Canyon Nature Preserve and the Lake Mathews Estelle Mountain Preserve, according to a news release. The proposed new development is also a short drive from retail and entertainment, including multiple golf courses.
“New retail and housing in this area of Southern California can help support a growing city in one of the most populated and well-known metropolitan regions in the United States,” Wolfer said. “We are proud that we will have played a part in GF Services’ success.”