Facebook Twitter LinkedIn Google Plus RSS

Kennedy Funding completes $28.86M note sale

By ,

Englewood Cliffs-based Kennedy Funding Financial LLC announced Tuesday its closure of a $28.86 million note sale for Braffits Creek Estates LLC in Utah.

According to the announcement, Kennedy Funding had previously provided a loan in that amount to the borrower, secured by 2,654 acres of land at Cedar Mountain, Utah. The site's initial phase was approved for residential development, including 145 five-acre "off the grid" lots, of which most have been sold and improved with homes. Phase two was approved for 239 five-acre lots, followed by a 1,028-acre phase three zoned for 20-acre lots.

The master plan also calls for a hotel, spa and an 18-hole golf course. The borrower has also spent more than $10 million on infrastructure improvements, Kennedy Funding said in a release.


Like us on Facebook: facebook.com/NJBIZ

Write to the Editorial Department at editorial@njbiz.com

Leave a Comment

test

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy

Comments

close
Subscribe to Our Newsletters!
Click Here to Subscribe for Free Now!