Kennedy Funding closes $3.87 million loan for two Jacksonville, FL parcels

Kennedy Funding Financial, one of the nation's largest direct private lenders, has completed a $3.87 million loan for two industrial parcels in a refinance development transaction. The financing, obtained by Keystone Investments, LLC, carries an interest-only term of three years. Located at 1915 Wigmore St., parcel 1 consists of 27.36 waterfront acres on the St. Johns River. Parcel 2, totaling 11.16 acres, is located across the street. Both were acquired by Keystone in 2010 from the Jacksonville Port Authority, and subsequent improvements have included site cleanup, perimeter fencing, construction of a 1,100-ft. berth, channel dredging and a rail extension. "The borrower will use the financing to complete further site improvements, as well as to pay annual property taxes and pay the Jacksonville Port Authority four additional payments," said Kevin Wolfer, president and CEO of Kennedy Funding. "The properties have considerable upside relating to additional demand arising from the expansion of the Panama Canal, as well as proximity to a 40-ft. channel depth, and continued economic strengthening." Keystone Properties, an affiliate of Keystone Investments, operates the Keystone Jacksonville Terminal, a deep-water bulk terminal and trans-loading facility located on the parcels. The site and terminal facility offer proximity to the Interstate highway system, including a nearby under-construction interchange, as well as rail access. Kennedy Funding, America's leading direct private lender, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The firm's creative financing expertise enables the closing of equity-based loans of up to a 65% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.