Kennedy Closes $27M of Loans

HACKENSACK, NJ-Locally based Kennedy Funding Inc. closed a trio of loans totaling more than $27 million in a two-day period, according to Jeffrey Wolfer, the firm’s president and co-CEO. Nearly half of that, or $11.5 million, went to the Phoenix-based National Retail Development Partners for site development and construction of Ironwood Festival in Scottsdale.

Plans for the Scottsdale project were formally rolled out in July, calling for 81,000 sf of retail space and 31,000 sf of offices on 14 acres. The undeveloped site served as the collateral.

“We were looking to close the transaction quickly to honor a purchasing contract on deadline and to move ahead with plans for putting up the buildings,” says NRDP president Trent Schelkopf. “Completion is slated for next year.”