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.

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