Kenney Funding recently completed two transactions on a retail property in Oklahoma and a residential condominium in Illinois.
In Mustang, Okla., the private lender closed the note purchase of a nonperforming loan for more than $3.4 million. The loan purchaser was a limited liability company and the loan borrower was Silver City Town Center.
Under the terms of the transaction, the borrower has been granted the option to repurchase the loan.
When this transaction occurred for Silver City Town Center, an 89,000 square-foot retail center, approximately 55% of the complex was occupied, anchored by general merchandiser Tractor Supply Co. Other tenants at the center include the Salvation Army, UrgentCare and Taco Bell and KFC occupy company-owned out-parcels.
The second transaction to take place was in Chicago. The Englewood Cliffs, N.J-based lender completed a $1.2 million refinance of Wrightwood Crossing, a residential condominium in the upscale Lincoln Park section of the city.
The lender of this transaction was 1307 W. Wrightwood Lender LLC, a newly formed New Jersey company, while the borrower was 1307 W. Wrightwood II LLC, based in Illinois. The transaction carries a term of three years, interest only.
Wrightwood Crossing consists of 19 residential units ranging from 1,510 to 2,720 square feet and one 4,370-square-foot unit. At the time of closing, 15 units have been sold, Kennedy Funding said.
“These transactions are examples of a lending environment for real estate that continues to be challenging,” said Gregg Wolfer, COO of Kennedy Funding. “In this environment, we don’t have ‘cookie cutter’ rules like banks and other traditional lenders. We don’t expect every transaction to fit the same mold, and often, transactions have to be uniquely structured to meet the very specific needs of everyone involved.”
