Kennedy Funding Financial has completed a $5.28 million loan by Tulare Lender, LLC to Tulare Bethel Housing, Inc., an affiliate of the Bethel Assembly of God in Tulare, California.
The three-year interest-only financing is secured by a first lien on two parcels of land totaling 33.74 acres in central California’s Tulare County. One parcel is under contract. The remaining 29 acres were already acquired by the church.
“The parcels have a mix of commercial and multifamily residential zoning and are proposed for a large senior housing, religious, and community use development,” said Kevin Wolfer, president Kennedy Funding. The borrower required a bridge loan to payoff the previous lender and get to the construction phase. The proposed project consists of five buildings to be built in two phases.
The City of Tulare approved and provided funding to complete an overpass and interchange project that will greatly enhance local access to the site, Wolfer said.