Kennedy Funding on Tuesday said it closed a $2.7 million land loan for 4TP Nashville Crossing LLC to be used to acquire nearly 10.3 acres of land located on Old Matthews Road in Nashville, Tennessee.
The loan proceeds will be used toward the purchase of the property.
This is the second loan the Englewood-based private lending firm has closed for the borrower, Stephen LaMastra, managing principal of Fourth Time Partners LLC, an Atlanta-based firm — and in just three weeks from loan commitment to closing.
“We had to close on the land. We know from experience that Kennedy is the leader in land loans,” LaMastra said. “The team came through and successfully closed a land loan for us before in Jacksonville, Florida, and we knew they could do it again.”
LaMastra said that Kennedy Funding “delivered as promised, especially with a fast closing requirement.”
“It was important for us to count on them,” LaMastra said.
The property is the future home of North Lights Crossing, an 82-unit residential community.
“When time is of the essence, and especially when it comes to borrowing on land, there’s one name borrowers need to know: Kennedy Funding,” Kevin Wolfer, CEO and president, Kennedy Funding, said.
“The deal was funded in three weeks after the loan commitment was executed,” Mark Falzone, executive loan officer, Kennedy Funding, said. “With all the necessary components in place, plus the approvals from the city to begin construction, we were able to move quickly to closing.”
Falzone added that Kennedy was able to close the loan even without final plan approvals in place, a caveat that many other lenders would consider a deal-breaker.
“Kennedy Funding is here to get our clients to the closing table, and we are proud of our track record of doing just that, no matter the challenge,” Falzone said. “We see opportunities when other lenders see brick walls.”
