Englewood Cliffs-based Kennedy Funding announced July 7 it closed a $3.456 million land loan to Essex Modern City LLC.
Loan proceeds will be used toward the development of a mixed-use development on an 8-acre site in downtown San Antonio, Texas. Specifically, the proceeds will be used toward cashing out the current loan, funding to advance the planning and engineering stage of the site, and completing quiet zone construction in partnership with the city of San Antonio and Union Pacific Railroad.
The loan is secured by seven parcels of vacant land located at 51 Essex St. in downtown San Antonio.
“San Antonio is one of the fastest-growing cities in the United States: Real estate values in the metro area have appreciated 40% since 2015, and coupled with low unemployment and a growing population, this makes the Alamo City an excellent place for new construction that will be home to living, working, and recreation for its residents and visitors,” said Kevin Wolfer, chief executive officer of Kennedy Funding, in a prepared statement.
Essex Modern City’s website describes the development as “a social experiment that believes that good design and technology can create a more enriching way to live,” with the intent of building community and commerce in a rapidly developing area of San Antonio.
Plans for Essex Modern City call for 80,000 square feet of retail space, 80,000 square feet of commercial office space, and approximately 800 residential units of varying sizes, including parking spaces and an open park area. The project was re-zoned Infill Development Zone (IDZ) and approved for mixed-use in 2016.
Wolfer stated that the entitlement process for the development is in its final phases, and the developers are currently working on completing a map of the forthcoming development.
“All Essex Modern City needed was the funding – everything else was in place,” Wolfer said. “Seeing a clear plan for the site and the city’s support, we were able to quickly process and approve their loan application.”