A development site at 24750 Sandhill Blvd. in Punta Gorda, Florida — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $750,000 loan to the owner of a residential development site in Southwest Florida, where plans call for more than 300 multifamily and manufactured homes.
The Englewood Cliffs-based lender said the borrower, JBCC Sandhill LLC, will use the proceeds to refinance and for working capital for 24750 Sandhill Blvd., a 31.28-acre property in Punta Gorda. While the property was under contract from 2017 to 2019, JBCC Sandhill obtained all approvals to develop the site with 207 multifamily units and 114 manufactured homes.
The owner closed last year for $1.55 million, Kennedy Funding said. The property is currently listed on the market for $3.2 million.
“Land loans are challenging enough to fund, and COVID-19 certainly hasn’t made the process any easier,” Kennedy Funding CEO Kevin Wolfer said. “Because of our flexible lending parameters, we can find ways for borrowers to secure the funding they need, even when circumstances may make it seem impossible.”
In a news release, the firm said the property is minutes from retail, dining, grocery and lodging, along with the Laishley Park Municipal Marina and multiple golf clubs. Its location within Punta Gorda places it close to major highways like Interstate 75 and state routes 17 and 41.
The county seat for Charlotte County, Punta Gorda features outdoor recreation activities such the 2.4-mile Harborwalk recreational trail, which runs along the Charlotte Harbor, and nature preserves including the Charlotte Harbor Preserve State Park.
“Homeowners want to be conveniently located to as many amenities as possible,” Wolfer said. “This future development will be perfect for residents looking to experience all that Punta Gorda has to offer without spending lots of time in the car.”