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Kennedy Closes $3.5M Loan for Bucks Medical Campus

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 healthcare company's chairman, Fred Rappaport, says the integrated medical center is part of a trend to provide one-stop medical shopping for outpatient care.

By Steve Lubetkin | Updated on March 24, 2015

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.”

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