Kennedy Funding Financial closes $3.41 million loan
FRANKLIN COUNTY, PA — Kennedy Funding Financial LLC (KFF) has completed a $3.41 million loan secured by a multi-building industrial facility in Franklin County, PA, announced Kevin Wolfer (pictured), CEO of the Englewood Cliffs, NJ-based direct private lender. The two-year, interest only-loan was secured by Foremost Realty Holdings, LLC, an affiliate of homebuilder Foremost Industries, Inc. The lender was Foremost Realty Lender, LLC, and the funding will be serviced by KFF.
“The borrower recently acquired the company owning the collateral for $5.5 million, paying $2.9 million in cash to the seller and assuming the existing Susquehanna First Mortgage of $2.6 million,” said Wolfer. “Our loan will pay off that mortgage, and the borrower also pledged a 6,700 s/f office building in Greencastle, PA.
“This type of asset, especially when owner-occupied, is challenging and difficult to get loans placed for,” said Wolfer. “However, based on the strength of the borrower and the value of the collateral, we were able to get the loan closed.”
The collateral consists of a 260,000 s/f, three-building industrial property on 52.68 acres at 6100 Buchanan Trail West in Montgomery and Peters Townships, Franklin County. Constructed in 2005, the property includes a combination of lumber storage, a modular plant utilized for the assemblage of components for modular homes, and an office component of approximately 4,500 s/f.