Direct private lender Kennedy Funding closed a $1.633-million loan to Abode Communities Kennebunk, LLC. Loan proceeds will be used to purchase 17 acres of undeveloped land at 274 Alewive Rd. in Kennebunk, ME, for $1.2 million. The property is contiguous to 70 acres of land the borrower already owns. The remaining funds will be put toward working capital.
The borrower intends to develop 13 single-family homes on the property in conjunction with Habitat for Humanity, alongside a mobile home park with space for 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, Kennedy Funding. “A new development will be a welcome addition for individuals and families who want to relocate to Kennebunk.”
Maine’s South Coast has experienced significant economic and job growth in recent years, according to Kennedy Funding.
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