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The $1.28 million loan will help MBrar Investments move closer to its goal of building a hotel in a growing residential and tourist area in Washington state.
Kennedy Foundation The Englewood-based direct private lender announced Thursday that it has closed financing on 17.3 acres of undeveloped land located at 2308 West Broadway Avenue in Moses Lake, Wash. The proceeds will be used for working capital and to repay an existing seller note.
The borrower, MBrar Investments, entered into a contract to purchase the Moses Lake property in 2020 during the COVID-19 global pandemic and completed the purchase for $2.85 million in 2021. Notably, Kennedy Funding agreed to allow the existing lien holder to subordinate another $700,000 loan to the new loan.
Kevin Wolfer, CEO of Kennedy Funding, said: “Kennedy Funding is no stranger to complex land lending and we are known for our ability to find innovative ways to close deals. We are uniquely positioned to navigate the challenges and complexities to ensure our clients receive the funding they need.”
“We pride ourselves on getting our clients deals, no matter what the obstacles,” said Edwin Urrego, executive lending officer at Kennedy Financing. “When the deal has merit, we find a way to get it funded – that’s a testament to our capabilities and commitment to our clients.”
MBrar Investments plans to build a hotel on the property. The land is properly zoned for hotel use and permits are expected to be issued soon. The property is located on a main road, just a few blocks from I-90, with great views and easy access to transportation.
According to Urrego, the land had been used as collateral.
“MBrar Investments knew we could provide this land loan, and our successful completion of the transaction is a testament to why borrowers trust us with their most challenging projects,” Urrego said. “We are proud to support developments that drive local growth and provide tremendous benefits to the community.”
Moses Lake attracts local visitors and new residents with its scenic beauty and outdoor recreation opportunities. Located approximately 2.5 hours from Seattle and just off Interstate 90, the area offers many family-friendly outdoor recreational activities year-round. It is the largest body of freshwater in Grant County, with more than 120 miles of shoreline.
Moses Lake is seeing a surge in developer interest. In recent years, many tech companies have moved to the area, attracting big business and talent. Notable companies with offices in Moses Lake include SGL Carbon, which produces carbon fiber and is expected to be the world’s largest carbon fiber plant; Dell; International Paper; and Boeing. With Seattle’s major tech hub not far from Moses Lake, the area has become an ideal place for expanding companies to do business.
“Being the preferred source for land loans means the developer will be able to move forward with the Moses Lake project with confidence,” Wolfer said. “This hotel will serve the growing number of visitors while helping to build the community.”
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