“HACKENSACK, NEW JERSEY (LAWFUEL) — Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a $8,700,000 loan to Weber USA Corporation of North Charleston, South Carolina. The loan is being used for working capital and to refinance present debt on the largest commercial development of its type ever in South Carolina—a 658.89-acre, $750,000,000 joint venture project that will span over 20 years. Joining Weber USA on this mammoth project is Weiser Ingleside, LLC.
Situated within the city limits of North Charleston, the 658.89 acres are made up of three tracts, two of which are contiguous. Zoning designations on the property vary, ranging from single-family and multi-family residential to commercial to light manufacturing. Roads that were to have improved accessibility to the property have not been completed by the city as scheduled, prompting a re-evaluation of the land.
“The project in question is enormous—the most ambitious of its kind ever in South Carolina. We had to consider the risks, but we gave equal consideration to the positive impact such an undertaking could have on the region,” observed Jeffrey Wolfer, President & Co-CEO of Kennedy Funding, Inc. “After carefully considering the land, the developers and the potential, we were able to quickly close the loan, despite the current economy.”
Kennedy Funding is a pioneer in the category of “situational lending,” providing loans of $1 million to $100 million or more with commitments in as little as 24 hours and closings in as quickly as five days. As the leader in direct private lending, Kennedy has extensive experience in funding in a wide range of business sectors. Unlike the methods used by many traditional lenders, Kennedy sees each borrower as unique, evaluating each situation individually.
Specializing in commercial real estate bridge loans for domestic and global clients, Kennedy provides up to 65% loan-to-value for land acquisition, development, refinancing, construction, bank workouts, bankruptcies and foreclosures. Across the nation and around the world, Kennedy has produced funding for conventional and unconventional projects, often succeeding when other financial institutions cannot.”