Kennedy Funding Financial closed a $1.65 million loan for commercial nursery properties in Florida, announced Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lender.
The two-year, interest-only loan was obtained by Jolly Products & Services, Inc. and Peckett’s, Inc., operators of Round Lake Road Nursery in Apopka, FL, and will be serviced by KFF.
“The borrower has just purchased two large nurseries with greenhouses totaling in excess of 800,000 square feet for $2 million,” said Wolfer. “We provided $1.65 million toward the acquisition. On a cost basis, we lent 82 percent of the purchase price.”
The loan collateral includes a 498,000 s/f commercial container nursery on 19.8 acres at 5643-5715 Round Lake Road in Apopka, with improvements constructed between 1978 and 2008.
The second property, situated at 6448 Plymouth Sorrento Road in Apopka, contains 305,248 square feet on 22.11 acres. The new ownership plans to continue operating the properties as a nursery.