Kennedy Funding Financial closes $2 million loan
ENGLEWOOD CLIFFS, NJ — A property that sat empty for a decade in one of New York City’s hottest neighborhoods will now become housing.
Kennedy Funding Financial, the Englewood Cliffs-based direct private lender, closed a $2 million loan to LZBC Next Level Realty, LLC. The borrower will use proceeds from the loan to fund the construction of an eight-unit, four-story walk-up building at 100 Scholes St., a 2,500 s/f property in the Williamsburg neighborhood of Brooklyn, NY. “Housing is in very high demand in New York City,” said Kevin Wolfer, CEO of Kennedy Funding Financial. “Building apartments in one of the hottest rental markets in the United States is a very smart use of this real estate. ”Williamsburg is one of the most in-demand neighborhoods in New York City, with the average monthly rent for a 2-bedroom apartment hovering around $3,200. According to Wolfer, Kennedy Funding Financial takes factors such as neighborhood popularity into account when evaluating loan applications.