1214 Walker Ave. in Baltimore, Maryland — Courtesy: Kennedy Funding
By Joshua Burd
A foreign investor has acquired a 19-unit apartment complex in Maryland with the help of a $1.2 million loan from Kennedy Funding, the Englewood-based direct private lender.
According to a news release, the firm provided the financing to Cityana International Business LLC in connection with the property at 1214 Walker Ave. in northeast Baltimore. That filled a need for the Ethiopian foreign national, Sisay Menji Assena, who was hard-pressed to secure conventional financing and faced a tight timeline for completing the acquisition.
Kennedy Funding structured the transaction with the borrower contributing 45 percent cash equity, while the lender provided the remaining 55 percent of the capital stack to complete the purchase.
“This deal reflects what we do every day — finance transactions that conventional lenders are not equipped to handle,” said Edwin Urrego, executive loan officer at Kennedy Funding, who originated the transaction. “Foreign national borrowers frequently face additional scrutiny and delays. We were able to focus on the strength of the asset, the occupancy level and the borrower’s equity contribution to structure a solution that worked.”
The firm noted that the garden-style complex has a mix of one- and two-bedroom units and was near full occupancy at closing. Located in the city’s Idlewood neighborhood, the property benefits from strong residential demand in a stabilized neighborhood setting.
“We look at the complete picture,” said Kevin Wolfer, Kennedy’s CEO and president. “In this case, the property was 95 percent occupied and the borrower brought substantial cash equity. Our role is to recognize opportunity and provide capital when the opportunity works — even if the borrower doesn’t fit a conventional banking model.”
