NEW JERSEY-Englewood Cliffs-based Kennedy Funding has completed a $1.25 million loan for a vacant industrial property at 888 S.E. Sheridan Road in Sheridan, Ore. The three-year, interest-only loan will provide capital to the ownership to fund improvements for the repositioning of the 235,000-sq.-ft. former manufacturing facility.
The financing was obtained by owner Liberty Realty Enterprises, L.L.C. and will be serviced by Kennedy Funding on behalf of a limited liability company owned by the members.
Built in 1973, 888 S.E. Sheridan Road was previously occupied by Liberty Homes Inc., an affiliate of the borrower, which used the facility to produce manufactured homes.
Situated on 34.2 acres, the property consists of three one-story buildings that include a total of 4,000 sq. ft. of built-out office space. The facility is served by a Portland and Western Railroad line that bisects the property. A fenced yard, trailer parking and direct access to Hwy. 18 are also included at the property.