A borrower obtained its second U.S. land loan from private lending firm Kennedy Funding — and in just three weeks from loan commitment to closing.
The Englewood, New Jersey-based direct private lender announced the closing of a $2.7 million land loan to 4TP Nashville Crossing, LLC. Loan proceeds will be used to acquire 10.2968 acres of land located on Old Matthews Road (off Trinity Lane) in Nashville, Tennessee. The loan proceeds will be used toward the purchase of the property.
This is the second loan Kennedy Funding has closed for the borrower, Stephen M. LaMastra, managing principal of Fourth Time Partners, LLC, an Atlanta-based firm.
“We had to close on the land. We know from experience that Kennedy is the leader in land loans,” said LaMastra. “The team came through and successfully closed a land loan for us before in Jacksonville, Florida, and we knew they could do it again.”
LaMastra said that Kennedy Funding “delivered as promised, especially with a fast closing requirement.”
“It was important for us to count on them,” LaMastra said.
The property is the future home of North Lights Crossing, an 82-unit residential community that, when completed, will offer newly built townhomes, single-family, and detached homes. The city of Nashville has pre-approved the development plans; the borrower is awaiting final approval. Construction is set to begin in fall 2024.
“When time is of the essence, and especially when it comes to borrowing on land, there’s one name borrowers need to know: Kennedy Funding,” said Kevin Wolfer, CEO/President, Kennedy Funding.
“The deal was funded in three weeks after the loan commitment was executed,” said Mark Falzone, Executive Loan Officer, Kennedy Funding. “With all the necessary components in place, plus the approvals from the city to begin construction, we were able to move quickly to closing.”
Falzone added that Kennedy was able to close the loan even without final plan approvals in place, a caveat that many other lenders would consider a deal-breaker.
“Kennedy Funding is here to get our clients to the closing table, and we are proud of our track record of doing just that, no matter the challenge,” Falzone said. “We see opportunities when other lenders see brick walls.”
Nashville is one of the fastest-growing metropolitan areas in the United States. As of 2022, an average of 98 new residents per day moved to the area, seeking a lower cost of living, employment opportunities, and a better quality of life.
“Developments like North Lights Crossing provide much-needed housing for new and longtime residents alike,” Wolfer said.
“Stephen M. LaMastra knew and trusted that we could deliver on a land loan, and that trust is why borrowers know that we are the go-to lenders who get it done,” Wolfer said.
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. For information, visit www.kennedyfunding.com.
