BENSALEM, PA—Kennedy Funding Financial LLC has completed a $3.5 million loan for Lifestyle Real Estate I, an affiliate of Lifestyle Healthcare Group, which has received approval from the township for a $185 million medical office campus to be built on a 10.31-acre tract of vacant land in Bensalem Twp., Bucks County, PA. The two-year, interest-only loan has an initial interest rate of 12%.
"The borrower has received final approval for this major project, and intends to spend $2 million from the loan proceeds for site work and for working capital," says Gregg Wolfer, COO of Kennedy Funding. "The borrower also anticipates obtaining a construction loan to pay off this loan."
The borrower acquired the tract, located at the intersection of US Route 1 and the Pennsylvania Turnpike in Bensalem, in October, 2013. More than $3.1 million has been invested to obtain zoning change to business park, for governmental approvals and variances, and engineering, as well as demolition of an existing building in 2014.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
