Kennedy Funding closes $2.633 million land loan for residential development in Brazil
ENGLEWOOD CLIFFS, NJ — Securing funding for international projects is already difficult for borrowers, but bring an ongoing global pandemic and a challenging geopolitical situation into the mix, and the prospect seems all but impossible.Not so for direct private lender Kennedy Funding. The Englewood Cliffs, New Jersey-based lender announced that it has closed a $2.633 million loan to BRMF LLC of Brazil. Proceeds of the loan will be used for working capital toward the last phase of development for Recanto das Flores Urbamais, a condominium community located in Feira de Santana, a city in eastern Brazil.Recanto das Flores Urbamais is a residential development situated on 416.54 acres in the city’s Nova Esperança neighborhood, located in the city’s residential Peripheral Region. The community is made up of 250 low-income condominiums, and the borrowers plan to develop an additional 75 homes on an undeveloped tract as part of a plan to expand the new community.