Kennedy Funding Financial closes $1.41 million loan secured by mixed-use property
Englewood Cliffs, NJ — Kennedy Funding Financial LLC has closed a $1.41 million loan to American Land Development-Sidney, LLC, owner of a 22.59-acre development site along E. Holly St. in Sidney, MT, announced Kevin Wolfer (pictured), CEO of the Englewood Cliffs, NJ-based direct private lender. The three-year interest-only loan will be serviced by Kennedy Funding Financial.
The property consists of a total of 18 lots within the Sunrise Village subdivision in Sidney, with 11 lots currently zoned residential and the remaining seven lots for commercial use. The location is in east central Montana, near the state’s border with North Dakota, within the oil-rich Bakken Formation and marks Kennedy Funding Financial’s third loan in that region. The site was zoned agricultural and utilized as a sugar beet farm and had no access to city water, sewer or services when it was acquired by American Land Development in 2013.