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Boston & New England  + New England  + Finance  | 

Kennedy Funding Closes Loan for Resi Development on Maine’s South Coast

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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