Kennedy Funding Secures $2.05 Million Land Loan for Development in South Dallas

In recent developments, Kennedy Funding, a direct private lender located in New Jersey, has successfully finalized a loan worth $2.05 million. This funding is aimed at significantly enhancing the housing landscape in South Dallas, one of the fastest-growing metropolitan areas in the United States. The loan will assist The Beach Dallas LLC in their acquisition of 62.696 acres of undeveloped land located at 2700 Simpson Stuart Road. The total acquisition price for this property is estimated at $3 million, with a portion of the cost supported through a second mortgage held by the seller, amounting to $1.095 million.

The borrower, Christian Toxboe, revealed that the project had encountered significant hurdles, primarily due to a previous lender's inability to fulfill their commitments over a three-year span. After this lender unexpectedly closed operations, leaving Toxboe to search for alternative financing, the referral from a broker led him to Kennedy Funding. Toxboe remarked, “Edwin and the Kennedy team came through for us, especially after going through the ringer with the other lender. They were absolutely amazing to work with.”

This situation illustrates a common challenge faced by property developers, where delays from lenders can jeopardize important projects. Edwin Urrego, the Executive Loan Officer at Kennedy Funding, acknowledged that the experience could happen to anyone and emphasized the importance of selecting the right financial partner. “Choosing the right lender can often mean the difference between success and failure, potentially saving or costing huge amounts of money.”

Kennedy Funding’s approach to lending focuses not merely on credit scores but on the potential of the project itself. Urrego noted, “We’re not scrutinizing your credit history when we evaluate the current opportunity that’s on the table.” This flexible approach allows them to process land loans swiftly, making them an attractive option for developers, especially in places like Dallas with its historically stringent permitting processes.

The strategic location of the property is essential for its intended use as a housing development. Positioned in a region of South Dallas, the site boasts excellent access to major transportation routes, including Interstate 20, which connects residents conveniently to downtown Dallas and the Dallas-Fort Worth International Airport. Additionally, the location's proximity to two educational institutions, University of North Texas — Dallas and Paul Quinn College, ensures that the future community can attract a skilled workforce seeking accommodation close to their workplaces.

According to Kevin Wolfer, CEO and President of Kennedy Funding, the rapid population growth in Dallas—where nearly 178,000 people relocated between July 2023 and July 2024—underscores the significance of this real estate investment. Wolfer stated,