Kennedy Funding, an Englewood-based direct private lender, has announced the successful closing of a $1.5 million land loan to facilitate the acquisition of a 41-acre multifamily development site in Loxley, Baldwin County, Alabama.
The financing, provided to Vision of Loxley APT, LLC, was executed in just 18 days, allowing the borrower to meet a critical contractual purchase deadline for the property. The site is fully entitled for the development of 420 multifamily units.
In a move that highlights the firm’s efficiency, Kennedy Funding secured the loan at a 9% first-year interest rate—a notably competitive figure for a land acquisition deal.
“This was exactly the kind of opportunity Kennedy Funding is built for,” Mark Falzone, executive loan officer at Kennedy Funding, said. “The borrower faced a firm purchase deadline, brought substantial equity to the transaction and had a development-ready property. We recognized the urgency immediately and moved quickly to provide the funding needed so the acquisition could move forward.”
The deal was brokered by Andrew Williams of San Diego-based KLEI Capital, who turned to Kennedy Funding after another lender was unable to meet the project’s timeline. “Kennedy said they could close by the deadline, and they did. They responded right away, quickly vetted the deal, and the entire experience was phenomenal,” Williams noted.
The Loxley site is strategically positioned along Highway 59, a vital commercial corridor in Baldwin County that provides direct access to Interstate 10. The location serves as a convenient hub for commuters traveling to Mobile, Pensacola, and nearby Gulf Coast beaches.
The region is currently experiencing a massive surge in industrial and corporate investment, which is driving an urgent need for new housing:
- Industrial Growth: The nearby 900-acre Gulf Alabama (Port Alabama) Industrial Center is expected to bring 12 million square feet of space and thousands of jobs to the area.
- Corporate Investment: Major economic drivers include the $4.1 billion Novelis aluminum facility, the Airbus U.S. Manufacturing Facility in nearby Mobile, and ship manufacturer Austal USA.
As development-ready land becomes increasingly scarce in high-growth markets, Kennedy Funding’s ability to deliver capital quickly is becoming a key differentiator. The 420-unit project in Loxley is expected to play a significant role in accommodating the region’s expanding workforce and population.
“Deals like this demonstrate where Kennedy Funding’s private lending adds the most value,” Kevin Wolfer, CEO of Kennedy Funding said. “When qualified borrowers face extremely tight deadlines, they need certainty of execution. Our team was able to provide that certainty and keep this project moving forward.”
