The land loan to MBrar Investments, LLC, will
be used for refinancing and working capital
ENGLEWOOD, N.J., Aug. 8, 2024 /PRNewswire/ -- A $1.28 million loan will help MBrar
Investments, LLC get one step closer to building a hotel in a
growing residential and tourism area in Washington State.
Kennedy Funding, the Englewood, New
Jersey-based direct private lender, announced today the
closing of a $1.28 million loan on
17.3 acres of raw land located at 2308 West Broadway Avenue in
Moses Lake, Washington. The
proceeds will be used for working capital, and to pay off an
existing seller note.
The borrower, MBrar Investments, went into contract to purchase
the Moses Lake property in 2020
during the COVID-19 global pandemic, completing the purchase in
2021 for $2.85 million. Notably,
Kennedy Funding agreed to allow the existing lien holder to
subordinate another loan behind the new loan in the amount of
$700,000.
"Kennedy Funding is no stranger when it comes to complex land
loans, and we're renowned for our ability to find innovative ways
to close deals," said Kevin Wolfer,
CEO of Kennedy Funding. "We are uniquely situated to work through
challenges and complexities to ensure our clients get the funding
they need."
"We pride ourselves on getting clients to the closing table,
regardless of obstacles," added Edwin
Urrego, Executive Loan
Officer at Kennedy Funding. "When a deal has merit, we will
find a way to secure funding — a testament to our capabilities and
our commitment to our clients."
MBrar Investments plans to construct a hotel on the property.
The land is properly zoned for hotel use, and it is expected that
permits to begin construction will be granted soon. The property is
situated along a major thoroughfare only a few blocks from I-90,
benefitting from high visibility and accessibility. According to
Urrego, the land was put up as collateral.
"MBrar Investments knew we could deliver on this land loan, and
our successful closure demonstrates why borrowers trust us with
their most challenging projects," Urrego said. "We are proud to
support developments that drive local growth and provide
substantial benefits to communities."
With scenic beauty and outdoor recreational opportunities,
Moses Lake attracts local tourism
and new residents alike. The area, located around 2.5 hours from
Seattle and directly off I-90,
offers many family-friendly outdoor recreational activities
year-round. It's home to the largest freshwater body in
Grant County, with more than 120
miles of shoreline.
Moses Lake is experiencing a
surge in developer interest. A number of tech companies have moved
to the area in recent years, attracting major business and talent
to the greater area. Notable companies with a presence in
Moses Lake include SGL Carbon,
which manufactures carbon fiber and is poised to be the largest
carbon fiber plant in the world; Dell; International Paper; and
Boeing. With the major tech hub of Seattle not far from Moses Lake, the area has become an ideal place
for expanding companies to conduct business.
"Being the go-to source for land loans means that the developers
will be able to confidently move forward with this Moses Lake project," Wolfer stated, "a hotel
that will serve a growing number of visitors while helping build
the community."
For more information about Kennedy Funding,
visit www.kennedyfunding.com.
About Kennedy Funding
Kennedy Funding is a global
direct private lender specializing in bridge loans for commercial
property and land acquisition, development, workouts, bankruptcies,
and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative
financing expertise provides funding up to 75% loan-to-value, from
$1 million ($3
million international) to more than $50 million in as little as five days. The
company has closed loans throughout the
United States, the Caribbean, Europe, Canada, and Central and South America.
www.kennedyfunding.com
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SOURCE Kennedy Funding