Vision Of Loxley APT Closes On Funding For Loxley Residential Project

Kennedy Funding, one of the nation’s leading direct private lenders, recently closed a $1.5-million land loan for the acquisition of a 41.09-acre fully entitled multifamily development site along Highway 59 in Loxley. The financing, provided to Vision of Loxley APT, LLC, was completed in just 18 days, enabling the borrower to satisfy a contractual acquisition deadline on a property approved for 420 multifamily units. The borrower is purchasing the site for $3 million. The approved project will help meet increasing housing demand generated by the area’s expanding population, expanding industrial base and growing workforce. With development-ready land becoming increasingly difficult to find in high-growth markets, the loan highlights the continued demand for multifamily housing across Baldwin County.