Kennedy Funding, an Englewood-based direct private lender, has provided a loan to Vseva Crown Court LLC to finance the $3.725 million acquisition of the Crown Court senior housing community in Inverness, Florida. Proceeds from the capital will enable the borrower to immediately begin planned renovations and facility upgrades to the 120-year-old property.
The Crown Court community is centrally located in Inverness, approximately 75 miles north of Tampa, and is highly accessible to local parks, restaurants, and healthcare facilities.
Kennedy Funding Loan Officer Chase Wolfer emphasized the importance of the project, given the high demand in the sector.
“The Crown Court community is known for providing high-quality care, and the planned improvements will make this facility even better for its residents,” Wolfer said. “Securing this loan so quickly for a project this important is exactly why borrowers turn to Kennedy when they need funding in a short turnaround time.”
Addressing the urgent demand for senior living
The transaction comes as the need for senior housing is dramatically outpacing development in the U.S. and especially in Florida, which is home to over 900,000 residents aged 80 or older.
Industry projections indicate that approximately 100,000 new beds are needed per year to keep up with projected demand, while only about 4,000 new senior living units are expected to be developed this year and next.
“There’s exponential growth in the senior living commercial real estate market, and an urgent need to meet the expected demand for beds over the next decade,” Wolfer added. “Facilities like Crown Court are providing a sorely-needed service in an incredibly in-demand sector.”
Private lender speeds up essential projects
The deal highlights Kennedy Funding’s specialty in accelerating the financing process, often closing loans in days or weeks, a significant advantage over traditional lenders whose lengthy processes can stall critical projects.
“Time is money when it comes to commercial real estate projects, and with traditional lenders, the lengthy funding process stalls work on the kind of renovations Crown Court wants to make,” Kevin Wolfer, CEO and president of Kennedy Funding said. “When you partner with Kennedy, you don’t have to worry about unpredictable, unreliable, or drawn-out closing dates. We’re here to get you to the closing table as soon as possible.”
The Kennedy Funding continues to see a surge in activity in the Sunshine State, recently funding a mixed-use development in Apopka, a luxury townhome development in Santa Rosa Beach, and a future Alzheimer’s care facility in Jacksonville.
