Kennedy Funding, one of the nation’s leading direct private lenders, closed a $1.5 million land loan for the acquisition of a 41.09-acre fully entitled multifamily development site along Highway 59 in Loxley, Baldwin County, Alabama. The financing, provided to Vision of Loxley APT, LLC, was completed in just 18 days, enabling the borrower to satisfy a contractual acquisition deadline on a property approved for 420 multifamily units. The borrower is purchasing the site for $3 million, and the financing featured a 9% first-year interest rate.
Located along Highway 59, one of Baldwin County’s primary commercial corridors, the site offers direct access to Interstate 10 while placing future residents within convenient commuting distance of Mobile, Pensacola, and Alabama’s Gulf Coast beaches. Population growth, expanding healthcare, manufacturing, logistics, tourism, and new business investment continue to drive demand for housing throughout the region. Adding to the area’s momentum is the nearby Gulf Alabama Industrial Center, a more than 900-acre industrial development planned to include approximately 12 million square feet of industrial space, along with Novelis’s $4.1 billion aluminum rolling and recycling facility under construction in Baldwin County and nearby Mobile’s presence as home to Airbus’s U.S. Manufacturing Facility and ship manufacturer Austal USA.
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures, having closed more than $4 billion in loans to date. The company provides funding up to 75% loan-to-value, from $1 million to more than $50 million, in as little as five days, with loans closed throughout the United States, the Caribbean, Europe, Canada, and Central and South America.
KEY QUOTES:
“This was exactly the kind of opportunity Kennedy Funding is built for. The borrower faced a firm purchase deadline, brought substantial equity to the transaction and had a development-ready property. We recognized the urgency immediately and moved quickly to provide the funding needed so the acquisition could move forward.”
Mark Falzone, Executive Loan Officer at Kennedy Funding
“There was another lender who could not get the deal across the finish line, so we reached out to Kennedy Funding, a lender with extensive experience in land loans and a reputation for closing fast. Kennedy said they could close by the deadline, and they did. They responded right away, quickly vetted the deal, and the entire experience was phenomenal.”
Andrew Williams, Managing Partner at KLEI Capital
“Deals like this demonstrate where Kennedy Funding’s private lending adds the most value. When qualified borrowers face extremely tight deadlines, they need certainty of execution. Our team was able to provide that certainty and keep this project moving forward.”
Kevin Wolfer, CEO of Kennedy Funding
