Glen Cove Housing Development Receives $860K Land Loan

A Glen Cove housing development that looks to be built not too far from the Garvies Point development recently received $860,000 in funding.

The bridge loan will provide working capital to begin building the residential development on the 6.82 acre property, according to direct private lender Kennedy Funding Financial LLC.

The property, which was purchased by La Mare Win in 2014, is located on a cul-de-sac on Burns Avenue near the Long Island Sound. It’s located near Sea Cliff Beach, the Sea Cliff Long Island Railroad station and the Garvies Point waterfront district that recently broke ground.

The owners of the land, who are still in the early stages of the permitting process with the Glen Cove Planning Board, looks to subdivide the property into 22 parcels with 21 single-family homes and 12 affordable housing units for rent.

According to Kennedy Funding Financial LLC, lending on land based on the value of undeveloped land is not common and there are usually strict limits on borrowing when using raw land as collateral.

“Very few, if any, traditional lenders are willing to provide loans on raw land,” Kevin Wolfer, CEO Kennedy Funding Financial LLC, said in a press release. “Raw land loans are seen as a greater risk because of the perception that the borrower has less of a stake in undeveloped land.”

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