Englewood Cliffs-based Kennedy Funding Financial announced the closing of a $1.45 million loan to American Land Development-Sidney 2 LLC, an affiliate of American Land Development Corp.
American Land said it plans to use the loan to refinance an existing first mortgage loan that was used for infrastructure improvements to a 22.59-acre development site in Montana. The property is zoned for mixed-use, it said.
“A repeat customer is the highest compliment a client can give us,” said Kevin Wolfer, CEO of Kennedy Funding Financial. “We are happy to support American Land Development as they continue their development efforts in the Bakken.”
“We have worked with a lot of lenders in the past, and Kennedy Funding Financial and [CEO] Kevin Wolfer are delightful to work with,” said Thomas F. Flatley, owner of American Land Development-Sidney 2. “They are prompt, fair, reliable, and close loans as promised. It was no question that we would use them again when it came time to refinance the first loan.”
American Land Development acquired the property — which was a sugar beet farm — in 2013 and has since subdivided it into 18 residential and commercial lots.
“We were impressed by American Land Development’s clear vision for this property from the beginning,” said Wolfer. “We were happy to support their vision to bring more housing and commercial development to an area poised for growth in a resource-rich region of the U.S.”