Direct private lender steps in and quickly closes the deal when the project’s initial lender backed out at the last minute
ENGLEWOOD, N.J., Sept. 19, 2024 /PRNewswire/ — A new mixed-use development is coming to one of the fastest-growing regions in the United States, with help from Kennedy Funding.
The Englewood, New Jersey-based direct private lender announced today the closing of a $3.75 million loan to Apopka Two Holdings, LLC. The funds will be used for land acquisition and working capital for infrastructure improvements on an ambitious mixed-use development project in Apopka, Florida, 20 miles north of Orlando.
According to Kevin Wolfer, CEO of Kennedy Funding, Apopka Two Holdings initially worked with a local lender, but the deal stalled in its final stages. Facing tight deadlines and rising interest rates, Jacques Duverger, broker and advisor for the borrower’s mortgage broker Venture Capital Funding, turned to Kennedy Funding specifically because of their reputation for fast closings and extensive experience with lending on raw land.
“The professionals at Kennedy Funding were incredible and tenacious,” said Duverger. “Kennedy found a way to overcome obstacles so we could close in the nick of time. We found them to be reliable with a lot of integrity — unique qualities that stand out in an industry often synonymous with false promises.”
James Marshall, Managing Partner of Florida-based developer Benge Development, said that Kennedy successfully closed when “the initial lender backed out at the 11th hour.”
“We were dealing with another funding source who was well known in the area.” Marshall said. “Right at the finish line they threw curve balls we were not expecting. We have investors. We had to pivot very quickly in order to close. Kennedy stepped up in a pivotal moment.”
“Their out-of-the-box thinking was exactly what we needed to get this project back on track. Kennedy was able to convince the seller to hold back $2,000,000 in the form of a second mortgage. That helped get this deal to the finish line,” Marshall said.
Plans for the 39.88-acre site include the construction of commercial space, retail, and nearly 300 townhomes. The property is located at the intersection of W. Orange Blossom Trail and Neal Sibert Drive, a strategic location that offers direct access to major beltway State Road 429.
The property has been under contract for three years. The developers went through multiple planning and zoning approvals with the City of Apopka and Orange County, readying the site for its next stage of construction.
“The development is going to bring much-needed housing and improvements to the area, and the City of Apopka is very excited that we are making this contribution to the community,” Marshall said. “Kennedy recognized the value in this project from Day One and worked closely with us to ensure its success.”
Mark Falzone, Executive Loan Officer at Kennedy Funding, highlighted the deal’s complexity and Kennedy’s ability to close where others could not.
“This project faced several hurdles, from zoning approvals to financing challenges. Kennedy Funding was able to structure the deal to meet the borrower’s needs and get it done, especially when time was of the essence,” Falzone said.
Florida has one of the fastest-growing populations in the United States. For the past decade, Florida has grown by 300,000 to 380,000 new residents per year. According to the U.S. Census, the Orlando–Kissimmee area added nearly 55,000 new residents between 2022 and 2023 alone. This increased need for housing, coupled with Apopka’s proximity to major transportation hubs like the Orlando International Airport and major economic drivers like Disney World, reinforces the strong market potential for this mixed-use development.
“Central Florida continues to experience substantial population growth,” Kevin Wolfer said. “We saw the incredible potential in this project from the start. Our ability to navigate complex deals — and to step in quickly when needed — is what sets us apart. At Kennedy Funding, we’re proud to help bring this much-needed development to life.”
For more information about Kennedy Funding, visit www.kennedyfunding.com.
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America.
SOURCE Kennedy Funding
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