Chase Wolfer is a loan officer with Kennedy Funding — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a new land loan in connection with a nearly six-acre residential development site in Suffern, New York, just north of the New Jersey state line.
The borrower, Powder Horn LLC, used the proceeds to acquire three lots at 32-34-36 Powder Horn Drive that are zoned for the construction of one or three single-family homes. The Englewood-based direct private lender noted that the assemblage, which totals 5.951 acres, is 35 miles from Midtown Manhattan and minutes from NJ Transit rail and bus service, making it attractive to commuters while offering recreation options at nearby sites such as Sterling Forest, Bear Mountain and Harriman State Park.
Chase Wolfer, a loan officer with Kennedy Funding, originated the debt.
“Since 1987, our firm has worked with borrowers all over the world to help them obtain the funding they need to kick-start or complete their real estate projects,” Wolfer said. “Kennedy Funding brings a vision and flexibility to deals that don’t fit the traditional criteria banks typically require.”
He added: “When we’re evaluating a deal, we look beyond the standard paperwork — such as a clean title, environmental report and recent appraisal, among other materials. It’s about walking in step with the borrower and imagining the possibilities together.”
Kennedy Funding noted that Suffern is a village within Ramapo, the most populous town in New York outside Long Island, adding that the transaction came together after a local mortgage broker needed help securing funding for the $2 million land deal.
“Given the location of these three parcels, the value of building here is clear,” said Kevin Wolfer, Kennedy Funding’s CEO and president. “Although raw land is a nonstarter for other private and traditional lenders, the borrower’s understanding of what attracts residents to the area means that they are well-poised to position the completed project for success.”
