By Joshua Burd
Kennedy Funding has closed a nearly $2.5 million loan to the developer of what will be 149 single-family homes at a tract outside Denver, Colorado.
The Englewood Cliffs-based lender said the borrower, Ban RE Group, will use the financing to pay existing debt and for working capital on the 180.64-acre site in the town of Bennett. The raw land is an extension of the existing Antelope Hills residential development, which boasts a location 45 minutes east of Denver and directly off Interstate 70.
“A town like Bennett is the perfect blend between enjoying the quiet of a suburban area while being right next door to one of the country’s most loved cities,” said Kevin Wolfer, CEO of Kennedy Funding. “We believe this development will be a great success.”
In announcing the $2.475 million deal, Wolfer touted the growth of the Denver metropolitan area and the booming housing market. Demand has only grown with the area’s low unemployment rate and a strong local economy, he said, also citing nearby nature attractions and outdoor activities such as hiking and biking.
“There were lots of challenges and so many moving parts on this loan, particularly when you’re dealing with a land loan,” said Kimmy Humphrey, principal of Capital Atlantic Solutions and the broker on the deal. “Kennedy Funding is one of the only lenders that could get this deal done and closed. They have a way of getting tough deals to the closing table.”
The Antelope Hills development’s location near I-70 provides it with direct access to downtown Denver, according to a news release. Leading employers in the area include those in health care, finance, travel and higher education, Wolfer said, adding that those industries have recovered many of the jobs lost during the pandemic.
“Low mortgage rates, new industries, job opportunities and outdoor recreation have sent the Denver housing market into overdrive,” he said. “There is a huge demand for new construction as families move to the area. There’s no better time for Ban RE Group to continue building new homes.”