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Kennedy Funding Closes $2.7M Land Loan For Development In Edgewood, WA
FINANCED
$2,700,000
Washington
See Similar DealsDevelopment Site
Financed 04/15/2024
FINANCED
Kennedy Funding Closes $2.7M Land Loan For Development In Edgewood, WA
1926 Meridian Avenue East
See Similar DealsDevelopment Site
Financed 04/15/2024
Summary
WASHINGTON
Asset Type:Development Site
Transaction Type:Loan
The loan transaction involved a 12.2-acre development site located at 1926 Meridian Avenue East in Edgewood, WA. Kevin Wolfer from Kennedy Funding served as the lender, providing Dhaliwal TC Landing LLC with a loan amount of $2,700,000 at an 8% interest rate.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,700,000
- Market: Edgewood, WA
- Lender: Kevin Wolfer - Kennedy Funding
- Landlord: Dhaliwal TC Landing LLC
The loan facilitated by Kennedy Funding supported the development of a mixed-use property in the Tacoma, Washington suburbs, addressing challenges faced by the borrowing party, Dhaliwal TC Landing LLC.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,700,000.00
Monthly NOI$18,000.00
Monthly Debt Service$17,065.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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