Kennedy Funding, an Englewood Cliffs, New Jersey-based direct private lender, announced that it has closed a $3 million loan to Tacoma, Washington-based TCC RE Holdings, LLC.
The borrower, Tacoma Christian Center, a four-building religious facility located in Tacoma’s McKinley neighborhood, will use the loan proceeds to pay off existing debt and for working capital.
Founded in 1982, Tacoma Christian Center hosts several operations on site, including a sanctuary, the Treasure Land daycare center for children aged 11 months to 5 years, the Winners Gymnasium members-only fitness center, and Celebration Hall restaurant/cafe. Located minutes from Route 7 and Interstate 5, the church hosts several services each week, with Sunday services attracting around 800 worshipers.
“Not only is this an active congregation, but this is a thriving organization in a growing community,” said Kevin Wolfer, president and CEO of Kennedy Funding.
The four buildings that comprise Tacoma Christian Center range from 3,000 square feet to 81,000 square feet and are from 10 to 70 years old. Three of the four buildings underwent expansions 20 to 40 years after initial construction.
“Normally, a traditional lender would look at a not-for-profit religious institution and just see risk,” Wolfer said. “However, as a direct private lender, we took into account Tacoma Christian Center’s mixed-use services as a benefit.”
“Kennedy Funding has a proven track record of closing loans when others can’t. We concluded that it was a good business deal and a win-win for all parties.”
Located just south of Seattle, Tacoma is Washington’s third-largest city and part of the Seattle metropolitan area, home to nearly four million residents. It was ranked by Forbes as the 10th-fastest growing American city in 2018.
Tacoma’s McKinley neighborhood is located immediately southeast of the intersection of Interstate 5, a major north-south federal highway that spans the entire West Coast.
It has experienced steady growth in recent years, with notable growth in jobs, household income and property value. The metro area is known as a hub for startups and tech that rivals the Bay Area in size and influence.
“Tacoma is growing rapidly, with steady growth in employment rates and a strong demand for housing,” Wolfer said. “We are glad to be able to help support a thriving community organization in a growing area.”