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**Kennedy Funding Closes $1.633M Loan for Residential Development in Kennebunk, Maine**
Kennedy Funding, a direct private lender, has announced the closing of a $1.633 million loan to Abode Communities Kennebunk, LLC. The loan will fund the purchase of 17 acres of undeveloped land located at 274 Alewive Road in Kennebunk, Maine, for $1.2 million. The remaining loan proceeds will be allocated toward working capital.
The newly acquired parcel is adjacent to 70 acres already owned by the borrower, who intends to develop 13 single-family homes on the site. The project will be completed in partnership with Habitat for Humanity and will also include a mobile home park capable of accommodating more than 50 residential units.
“Housing demand on Maine’s South Coast is outpacing supply, and that’s exactly where we step in,” said Kevin Wolfer, CEO of Kennedy Funding. “A new development will be a welcome addition for individuals and families who want to relocate to Kennebunk.”
According to Kennedy Funding, Maine’s South Coast has seen considerable economic and job growth in recent years, underscoring the need for new housing developments like this one.
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