By Joshua Burd
Kennedy Funding has closed a $5 million loan to the owner of a residential estate on the North Shore of Long Island, the Englewood-based lender announced.
According to a news release, the borrower will use the proceeds for working capital in connection with the undisclosed property in Old Westbury, New York. Hong Hu of Googain Inc. and Nicole Cayton of KR Capital brokered the transaction.
“The borrower needed to close by the end of the year, and we were able to perform our due diligence and deliver in a timely fashion,” said Kevin Wolfer, Kennedy Funding’s CEO and president. “Despite the fact that there was no debt on the property, the journey to the closing table can often be lengthy, especially when there is a bank or conventional lender involved.”