Kennedy Funding, an Englewood-based direct private lender, on Friday announced the closing of a $2.1 million working capital loan to NSB Estate, LLC. The financing is secured by a newly constructed, multi-level synagogue and clergy residence in Ferndale, Sullivan County, New York.
The deal highlights Kennedy Funding’s continued dominance in the niche market of nontraditional and specialty-use real estate, where conventional banks often hesitate to provide capital.
Completed in 2025, the religious facility is situated on over two acres in upstate New York, near the historic town of Bethel. The architecture was specifically designed to serve as a comprehensive center for the local community, featuring:
-
Multi-Level Sanctuary: Including a basement, a main sanctuary floor, and a partial upper level for services and gatherings.
-
Clergy Residence: An attached residential space for the local clergy member, allowing for seamless on-site support and living.
-
Strategic Location: Proximity to State Route 55 and County Route 14, located just ten minutes from Sullivan County International Airport.
“Specialty properties require more than a checkbox approach to lending,” Chase Wolfer, the loan officer at Kennedy Funding who orchestrated the transaction said. “Our team took a comprehensive view of the asset, the location, and the borrower’s objectives to structure a funding solution that truly fit.”
Financing religious institutions is notoriously difficult via traditional lending channels due to the specialized nature of the buildings and their specific use cases. Kennedy Funding’s asset-based approach allows them to evaluate the intrinsic value of the real estate rather than strictly adhering to rigid institutional criteria.
“Our platform is built around understanding real estate that doesn’t conform to traditional molds,” Kevin Wolfer, CEO and president of Kennedy Funding said. “Whether it’s a specialty-use property, land, or a complex asset, we bring experience, judgment, and consistency to every deal.”
With a track record of closing over $4 billion in loans globally—spanning the U.S., Caribbean, Europe, and South America—Kennedy Funding remains a critical resource for borrowers who find themselves underserved by the standard banking system.
The Ferndale closing is a testament to the firm’s ability to deliver reliable capital for unique assets that support community missions and long-term regional growth.
