Kennedy Funding Announces Closing of $1.28 Million Land Loan for Hotel in Moses Lake, Washington
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ENGLEWOOD, N.J., Aug. 8, 2024 ~ Kennedy Funding, a direct private lender based in Englewood, New Jersey, has recently closed a $1.28 million loan on 17.3 acres of raw land in Moses Lake, Washington. The loan will assist MBrar Investments, LLC in their plans to build a hotel in the growing residential and tourism area.

The property, located at 2308 West Broadway Avenue, was purchased by MBrar Investments in 2020 for $2.85 million during the COVID-19 pandemic. The loan proceeds will be used for working capital and to pay off an existing seller note. Kennedy Funding also agreed to allow the existing lien holder to subordinate another loan behind the new one for $700,000.

According to Kevin Wolfer, CEO of Kennedy Funding, the company is known for their ability to find innovative ways to close deals and navigate complex land loans. "We are uniquely situated to work through challenges and complexities to ensure our clients get the funding they need," he stated.

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Edwin Urrego, Executive Loan Officer at Kennedy Funding, added that they take pride in getting clients to the closing table despite any obstacles. "When a deal has merit, we will find a way to secure funding - a testament to our capabilities and commitment to our clients," he said.

MBrar Investments plans to use the land for hotel construction as it is properly zoned for such use and is expected to receive construction permits soon. The property's location along a major thoroughfare only a few blocks from I-90 provides high visibility and accessibility.

Urrego also mentioned that the land was put up as collateral by MBrar Investments. "They knew we could deliver on this land loan, and our successful closure demonstrates why borrowers trust us with their most challenging projects," he said. "We are proud to support developments that drive local growth and provide substantial benefits to communities."

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Moses Lake is known for its scenic beauty and outdoor recreational opportunities, making it a popular destination for both tourists and new residents. Located around 2.5 hours from Seattle and directly off I-90, the area offers a variety of family-friendly outdoor activities year-round. It is also home to the largest freshwater body in Grant County, with over 120 miles of shoreline.

The area has seen a surge in developer interest, with several tech companies moving to the area in recent years. This has attracted major businesses and talent to the greater area, including SGL Carbon, Dell, International Paper, and Boeing. With Seattle being a major tech hub nearby, Moses Lake has become an ideal location for expanding companies to conduct business.

Wolfer stated that being the go-to source for land loans means that developers can confidently move forward with their projects in Moses Lake. "This hotel will serve a growing number of visitors while helping build the community," he said.

For more information about Kennedy Funding and their services, visit www.kennedyfunding.com.
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