Kennedy Funding Provides $1.6M Acquisition Loan for Townhome Development Site in McKinney, Texas

MCKINNEY, TEXAS —Kennedy Funding, a New Jersey-based direct private lender, has provided a $1.6 million acquisition loan for a 9.3-acre townhome development site in the northern Dallas suburb of McKinney. The borrower, OFS Ventures, acquired the parcel for $3.3 million with plans to develop 69 units, though it remains unclear whether the residences will be for rent or sale. Alex Caragiannides of CMG Home Loans placed the debt, which carried a 9 percent interest rate, with Kennedy Funding on behalf of OFS Ventures.