Kennedy Funding, a national direct private lender based in Englewood, announced it closed a $3,633,000 bridge loan for the Port of the Islands Resort, a mixed-use hospitality and condominium property located at 25000 Tamiami Trail East in Naples, Florida.
The financing, brokered by Benjamin Birch of New York City-based commercial financing firm Stratas, provides borrower A&T Investment LLC with capital to pay off approximately $1.6 million across three existing loans, fund property renovations and remodeling, and supply working capital for ongoing operations.
Situated on 7.7 acres near the edge of the Florida Everglades, Port of the Islands Resort combines short-term lodging, long-term residential rentals, and commercial space. On-site amenities include a full-service restaurant and bar, administrative offices, a swimming pool, a fitness center, and parking facilities, alongside access to regional boating and fishing.
“Mixed-use properties can present challenges for conventional lenders because they don’t always fit traditional lending requirements. In this case, the borrower needed financing that could accomplish several objectives at once. We were able to provide a solution that addressed existing debt while making capital available for property improvements and ongoing operations,” Chase Wolfer, Loan Officer at Kennedy Funding, said.
Stratas President Benjamin Birch noted that Kennedy Funding provided key concessions to navigate the deal’s moving parts and finalize the closing.
A&T Investment LLC originally acquired the property in 2021 and has since purchased additional condominium units while investing in ongoing upgrades.
Beyond its current operational footprint, the resort site holds excess land with development rights for an additional 90 residential units. The owner has the option to build out these units as for-sale condominiums, rental apartments, or expanded hotel accommodations.
Kennedy Funding executives emphasized that asset-based private lending models allow direct lenders to evaluate non-standard real estate portfolios faster than conventional banking institutions.
“Our experience with unconventional properties is one of the reasons borrowers come to Kennedy Funding. We understand that every property and every borrower’s situation is different. Rather than applying a one-size-fits-all approach, we look at the real estate and determine how we can make the financing work,” — Kevin Wolfer, President and CEO of Kennedy Funding, said
Since 1987, Kennedy Funding has closed more than $4 billion in direct private bridge loans across commercial real estate asset classes, including land acquisitions, developments, workouts, foreclosures, and bankruptcies across the United States and international markets.
