Santa Rosa Beach in Florida — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $7.5 million land loan for a waterfront property in the Florida Panhandle town of Santa Rosa Beach.
The Englewood-based direct private lender said financing will support the purchase of a nine-bedroom home in the community, which is part of a planned luxury townhome development. The closing with Dana Beach LLC comes after an institutional lender pulled out of a $15 million loan deal at the last minute.
“This transaction demonstrates our unwavering commitment to supporting outstanding real estate projects and delivering fast funding when others can’t,” said Kevin Wolfer, CEO and president of Kennedy Funding. “A prime waterfront location preapproved for multifamily development with a time-of the-essence closing requirement — that’s the perfect loan scenario for us.
“It was a complicated loan, and we agreed to accept two subordinate mortgages,” he said.
Kennedy Funding, one of only a few nationwide lenders that specialize in land, said it can quickly close loans from $1 million to $50 million, thanks in part to its extensive experience and flexible lending options.
“We are not just a direct lender — we are partners,” Wolfer added. “Our team is dedicated to understanding the unique needs and aspirations of our clients and providing the financial backbone they need to succeed. We look forward to seeing the Santa Rosa Beach community thrive with the addition of these luxurious townhome condominiums.”
