Updated Jul 2, 2025
Kennedy Funding Closes $1.633 Million Loan For Abode Communities Kennebunk's Development Site In Maine
274 Alewive Road
$1,633,000
Building Size
—
Asset Type
Development Site
Closing
Jun 30, 2025
About this deal
AI
The property involved in this transaction is a development site located at 274 Alewive Road, Kennebunk, MN, encompassing 17 acres. The loan amount for this property is $1,633,000, which will facilitate the development of new housing in partnership with Habitat for Humanity and the establishment of a mobile home park.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,633,000
- Lender: Kevin Wolfer - Kennedy Funding
- Landlord: Abode Communities Kennebunk, LLC
- Date of Loan: 06/30/2025
- Market: Kennebunk, MN
- Acres: 17
This transaction was aimed at addressing the growing housing demand in Maine's South Coast. The private lender, Kennedy Funding, is recognized for its rapid turnaround times, which contributed to the successful closing of this loan for Abode Communities Kennebunk, LLC.
On the Map
$1,633,000
Development Site
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Kennebunk Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.71%
Cash-on-Cash
-2.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93