The Tacoma Christian Center in Tacoma, Washington — Courtesy: Kennedy Funding
By Joshua Burd
Kennedy Funding has closed a $3 million loan for the operator of a religious facility in Tacoma, Washington, the Englewood Cliffs-based direct private lender announced this week.
The firm said the borrower, TCC RE Holdings LLC, will use the loan proceeds to pay off existing debt and for working capital for the four-building Tacoma Christian Center. Located in Tacoma’s McKinley neighborhood, the complex is home to several operations, including a sanctuary, a daycare center for children ages 11 months to five years, a members-only fitness center and a restaurant and cafe.
The church hosts several services each week, Kennedy Funding said, with Sunday services attracting around 800 worshipers.
“Not only is this an active congregation, but this is a thriving organization in a growing community,” said Kevin Wolfer, CEO and president of Kennedy Funding.
The four buildings that comprise Tacoma Christian Center range from 3,000 square feet to 81,000 square feet and are from 10 to 70 years old, Kennedy Funding said in a news release. Three of the four buildings underwent expansions 20 to 40 years after initial construction.
“Normally, a traditional lender would look at a not-for-profit religious institution and just see risk,” Wolfer said. “However, as a direct private lender, we took into account Tacoma Christian Center’s mixed-use services as a benefit.
“Kennedy Funding has a proven track record of closing loans when others can’t. We concluded that it was a good business deal and a win-win for all parties.”