Written by The Business Journal Staff
Kennedy Funding Financial of Englewood, NJ has helped complete a $5.28 million loan by Tulare Lender, LLC to Tulare Bethel Housing, Inc., an affiliate of the Bethel Assembly of God in Tulare, for commercial and residential construction in Tulare.
The three-year interest-only financing is secured by a first lien on two parcels of land totaling 33.74 acres in Tulare.
One parcel, totaling 4.74 acres along Tulare’s North M Street, is currently under contract and is scheduled to close in July. The remaining 29 acres were acquired by the church in three separate transactions between 2010 and 2012.
“The parcels have a mix of commercial and multifamily residential zoning and are proposed for a large senior housing, religious and community use development,” said Kevin Wolfer, president and CEO of Kennedy Funding, a direct private lender, in a release.
The proposed project consists of five buildings designed to complement each other in design and function. Phase one will consist of three buildings: A 96-unit apartment building with a swimming pool, meeting room, and library; a 30-unit assisted living residence; and a 20,000-square-foot clubhouse that will serve as a community center with a variety of services including a food bank and thrift store.
The clubhouse will act as an emergency building for the local Red Cross.
The second phase will consist of a 72-unit, three-story apartment building offering meals and hotel-type maid service. Finally, a 57,000-square-foot convention center will be utilized for services of the Bethel Assembly of God, as well as concerts, small conventions and school gatherings.
It is designed to seat 900 with long-term plans for an expansion to seating for 2,000.
“The City of Tulare recently approved and provided funding to complete an overpass and interchange project that will greatly enhance local access to the site from State Route 99 at Cartmill Avenue,” Wolfer said. “That is particularly important in light of the proposed development.”