Direct private lender Kennedy Funding closed a $2.05 million loan to The Beach Dallas LLC, to purchase 62.696 acres of open land at 2700 Simpson Stuart Road in Dallas.
The borrower is under contract to acquire the property for $3 million, and Kennedy has agreed to permit the seller to hold $1.095 million in the form of a second mortgage behind its loan.
Kennedy Funding was referred to the borrower by a broker who knew the direct private lender’s reputation for fast closings. The borrower’s initial lender failed to deliver after three years under contract to buy the property.
“What happened to Christian (borrower Christian Toxboe) could have happened to anyone, and it illustrates just how often we see borrowers up against the clock because other lenders can’t close on time,” said Edwin Urrego, executive loan officer at Kennedy Funding. “That’s why choosing the right lender is often the difference between success and failure — and saving or losing huge amounts of money.”
Urrego referred to the exploding population in the Dallas area as an urgent factor in getting the deal done.
“Nearly 178,000 people moved to Dallas between July 2023 and July 2024,” he said. “They all need a place to live, which makes projects like this one spearheaded by The Beach Dallas highly lucrative.”
Over the past five years, more than 30 companies have relocated their headquarters to the Dallas area, including major firms like AECOM, CBRE Group, Frontier Communications, and ATI. The Dallas-Fort Worth region is attracting corporate relocations because of its business-friendly climate, central location, skilled workforce, no corporate and personal income tax and less restrictive regulations.
The property is located in an area of South Dallas that’s served by a regional highway network, including Interstate 20. Residents of the future housing development will have access to downtown Dallas and Dallas Fort Worth International Airport.
Kennedy Funding said this was the second Dallas-area loan the direct private lending firm closed this year.
