INVERNESS, Fla. - eTradeWire -- The Crown Court senior housing community will soon undergo renovations to its 120-year-old facility, thanks to a loan from Kennedy Funding, a N.J.-based direct, private lender.

Borrower Vseva Crown Court LLC purchased the 0.697-acre property for $3.725 million.

Crown Court is centrally located in a tranquil neighborhood ideal for retirement. The Inverness area, about 75 miles north of Tampa in central Florida, has a reputation as a safe, closely connected community. Easily accessible by Florida Highway 44 and U.S. Highway 41, Crown Court is close to nearby parks, lakes, restaurants, and healthcare facilities.

"The Crown Court community is known for providing high-quality care, and the planned improvements will make this facility even better for its residents," Chase said. "Securing this loan so quickly for a project this important is exactly why borrowers turn to Kennedy when they need funding in a short turnaround time."

The demand for senior housing is growing as millions of Americans reach the age of 80; half of assisted living residents are aged 85 or older. More than 900,000 people aged 80 or older live in Florida alone. The need vastly exceeds current construction trends; around 4,000 new senior living units will be developed this year and next year, but 100,000 beds per year are needed to keep up with projected demand.

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"There's exponential growth in the senior living commercial real estate market, and an urgent need to meet the expected demand for beds over the next decade," Chase Wolfer said. "Facilities like Crown Court are providing a sorely-needed service in an incredibly in-demand sector."

The Crown Court transaction is a perfect example of the direct private lender's leading areas of expertise: closing loans in days or weeks instead of months. When big banks and traditional lenders put up roadblocks that slow clients down, Kennedy clears the way for a smooth funding journey.

"Time is money when it comes to commercial real estate projects, and with traditional lenders, the lengthy funding process stalls work on the kind of renovations Crown Court wants to make," Kevin Wolfer, CEO and President of Kennedy Funding, explained. "When you partner with Kennedy, you don't have to worry about unpredictable, unreliable, or drawn-out closing dates. We're here to get you to the closing table as soon as possible."

Known for lending both in the U.S. and abroad, the New Jersey-based Kennedy Funding has seen a surge in lending activity in the Sunshine State.

For more information, visit www.KennedyFunding.com.