Kennedy Funding, a private lender based in Englewood Cliffs, announced on Tuesday it has closed a $2.75 million loan to SLH Tuscaloosa LLC.
The borrower will use the funds toward the $5.5 million purchase of a 38.7 acre parcel of land along the northern banks of the Black Warrior River in Tuscaloosa, Alabama.
According to Kennedy Funding CEO and President Kevin Wolfer, the borrower plans to construct a 124,000-square-foot, 12o-room Southern Living-branded hotel plus 32 cottages for individual sale.
“This was the first step in an exciting development, and Kennedy Funding went above and beyond to make it happen,” Solomon Campbell, managing director of Chiron Financial LLC, the advisor that represented SLH Tuscaloosa LLC, said.
The complex boasts amenities including a restaurant and rooftop lounge, an event space for wine tastings and cooking tutorials, a coffee house, a wellness center, a nail salon, hair salon, a fitness center, a pool with hot tubs, and men’s and women’s locker rooms.
“The developer isn’t just building any old hotel — they are creating a world-class resort unlike any other in the Tuscaloosa area,” Wolfer said. “This campus will be a true destination for locals and visitors alike. Hotel financing is challenging even in today’s lending environment, but Kennedy Funding provides a much-needed alternative to conventional sources.”