While many traditional banks are tightening their belts, a prominent North Jersey lender is proving that Garden State capital still has a global reach.
Kennedy Funding, the high-profile bridge lender headquartered in Englewood Cliffs, announced Monday that it closed a $1.12 million loan to facilitate the purchase of a multi-unit apartment complex in Baltimore, Maryland.
The deal is notable not just for its speed, but for its complexity: the borrower is an Ethiopian foreign national, a demographic that often faces uphill battles in the American credit market.
The borrower, Cityana International Business, LLC, led by Sisay Menji Assena, sought to acquire a 19-unit garden-style apartment building located at 1214 Walker Avenue. Despite the property boasting a robust 95% occupancy rate, traditional lenders often shy away from foreign nationals due to intensive documentation requirements and strict reserve mandates.
Kennedy Funding stepped in to bridge the gap, leveraging its reputation for bypassing the “bureaucratic red tape” typical of institutional banks.
“Foreign national borrowers frequently face additional scrutiny and delays,” Edwin Urrego, executive loan officer at Kennedy Funding, who originated the transaction, said. “We were able to focus on the strength of the asset, the occupancy level, and the borrower’s equity contribution to structure a solution that worked.”
The financing structure required a significant commitment from both the lender and the investor:
- Total Loan Amount: $1.12 Million
- Borrower Equity: 45% cash contribution
- Lender Contribution: 55% of the capital
- Asset Profile: 19 units (12 two-bedroom and 6 one-bedroom units)
- Location: The Idlewood/Glen Oaks submarket of Baltimore
Under the leadership of President and CEO Kevin Wolfer, Kennedy Funding has carved out a niche as one of the world’s leading private land lenders, having closed more than $4 billion in loans to date. From their home base in Bergen County, the firm manages a portfolio that spans the U.S., the Caribbean, Europe, and South America.
“We look at the complete picture,” Wolfer stated regarding the Baltimore deal. “Our role is to recognize opportunity and provide capital when the opportunity works — even if the borrower doesn’t fit a conventional banking model.”
The firm’s ability to close complex loans in as little as five days continues to make Englewood Cliffs a destination for international real estate investors seeking rapid, reliable capital.
