Kennedy Funding Closes $ 1.5 Million Loan to Acquire Former Temple U. Arts Campus
ENGLEWOOD CLIFFS, NJ, December 29, 2020 / PRNewswire / – The old site of the Temple University Tyler School of the Arts at Elkins Park, Pennsylvania., was acquired by a religious non-profit organization, with a loan from New JerseyKennedy Funding.
The direct private lender announced today that it has closed a $ 1.5 million loan to 7725 Penrose LLC. The proceeds of the loan will be used for the acquisition of the nine-building campus.
“The former Tyler School of the Arts campus has been vacant for over a decade, and our client will be bringing activity back to this site soon,” said Kevin wolfer, CEO, Kennedy Funding. “This deal exemplifies the type of loans we’re known for – funding great opportunities for buyers to turn vacant and distressed assets into valuable properties for their communities.”
The former campus of the Tyler School of the Arts comprises approximately 162,661 square feet spread over nine buildings, constructed between 1920 and 2000. The campus is located on 13.52 acres just outside Philadelphia cream, where the seat of Temple is located. Originally the property was part of the Elkins Estate, managed by the financier George elkins. The Elkins family lived on the site until 1934 when the property was donated to Temple University.
The university program, now known as the Tyler School of Art and Architecture, moved to from the temple main campus of Philadelphia cream in 2009. Although the property was acquired from Temple in 2017, the Elkins Park the campus has been vacant since the school moved.
“The return to this great historic property is important for the Elkins Park community as a whole, which has seen this campus abandoned for so long, ”Wolfer said.
According to Wolfer, the loan is secured by the nine buildings, as well as an additional 41.27-acre site in Dover, NY. $ 3 million purchase price. This enabled Kennedy Funding to offer an attractive low interest rate of 8% on the loan.
This most recent loan close is one of many loans closed around the world by Kennedy Funding this year. The direct private lender is not constrained by the caps and limits imposed by traditional lenders due to the economic downturn exacerbated by the COVID-19 pandemic. This gives Kennedy the opportunity to work closely with borrowers to make a deal that’s right for them.
“Traditional lenders do not provide loans for these types of transactions due to the current real estate and financial market, but there are still opportunities for borrowers of all kinds,” Wolfer said. “Despite the difficulties of the past year, we have found ways to help our borrowers succeed in the real estate market.
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for acquisition, development, reorganization, bankruptcy, and foreclosure of commercial real estate and land. Kennedy Funding has closed more than $ 3 billion in loans to date. The company’s expertise in creative financing can finance up to 75% of the value of the loan, $ 1 million ($ 3 million international) to more than $ 50 million in as little as five days. The company has closed loans throughout United States, the Caribbean, Europe, Canada, and central and South America.
SOURCE Kennedy Funding