NSB Estate LLC has borrowed $2.1 million backed by a newly completed synagogue in Fernale, New York. — Courtesy: Kennedy Funding
By Joshua Burd
The owner of a newly built synagogue in upstate New York has secured a $2.1 million loan from Kennedy Funding, the Englewood-based direct private lender.
According to a news release, the deal will provide working capital to a borrower listed as NSB Estate LLC after its recent completion of the property in Ferndale. Kennedy Funding announced the loan Friday while noting that that the multilevel building, which sits on more than two acres, supports religious services, community gatherings and on-site living, creating a fully integrated facility tailored to its mission.
“Specialty properties require more than a checkbox approach to lending,” said Chase Wolfer, the Kennedy Funding loan officer who worked on the deal. “This was a newly built religious facility with a very specific use, and our team took a comprehensive view of the asset, the location and the borrower’s objectives to structure a funding solution that truly fit.”
The synagogue includes a basement level, main sanctuary floor and partial upper level, while an attached residence provides dedicated living and support space for the local clergy member, the news release said. The property is also a roughly 10-minute drive from Sullivan County International Airport.
Kennedy Funding said its ability to evaluate complex collateral and structure flexible financing solutions allows it to consider specialized uses, such as religious facilities, which are normally difficult to finance.
“Our platform is built around understanding real estate that doesn’t conform to traditional molds,” said Kevin Wolfer, CEO and president of Kennedy Funding. “Whether it’s a specialty-use property, land or a complex asset, we bring experience, judgment and consistency to every deal. That’s why borrowers rely on us when conventional options fall short.”
