Kennedy Funding closed on a $4.15 million land loan to Encanto Lender LLC, for property in Mejía, Pichincha Province, in Ecuador, as the Englewood-based company adds the South American nation to its list of countries where they have closed loans outside of the U.S.
Proceeds from the loan will be used for working capital by Ecuagarden Farms, a family-owned flower distributor known for its roses. The 250-person company, which has been in operation for nearly 40 years and maintains operations in Ecuador and Florida, is among the largest exporters of flowers to the United States.
The company plans to expand its operations on two separate properties in Ecuador that total 290 acres.
Ecuagarden Farms also operates Tanella’s Flowers, located in Miami’s Aventura Mall.
Luciano Cuneo of LMC Alternative Business Capital in Miami, the broker on the deal, said, “Kennedy is one of the few private lenders who does business with foreign nationals and one of the only ones who lend in foreign countries,” Cuneo said. He added that LMC and Kennedy Funding have closed several deals together since 2020.
Mark Falzone, executive loan officer at Kennedy Funding, said “a U.S.-based firm lending in commercial real estate markets in places like Ecuador — and doing so successfully — is a rarity,” Falzone said. “Very few lenders will even look at raw land, especially outside the U.S.”
Kevin Wolfer, CEO and president of Kennedy Funding, said, “Ecuagarden will put the $4.15 million loan to good use as they continue to scale and meet the global demand for fresh flowers.”
Kennedy Funding said it has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America.
