Club Motor Estates, the luxury car condominiums being built in Broadview Heights, is one step closer to becoming a reality thanks to some new funding.
New Jersey-based Kennedy Funding Financial closed on a $3 million loan it made to the “special purpose property,” the lender announced on Monday, Nov. 16.
“This is a particularly unique property, a commercial condominium and club that was purpose-built for car collectors and motor sports enthusiasts,” said Kennedy Funding CEO Kevin Wolfer. “Unique properties often find it difficult to obtain necessary financing, and we are pleased to be able to support the ownership’s financial requirements.”
The money will go toward the buildout of the project, which sits on 16 acres where the Al Koran Shriners headquarters was a local landmark. The Shriners headquarters will remain on site, Club Motor CEO Jeff Badger has said.
Badger already has sold out spaces in the original 15,000-square-foot building, which he is in the process of converting. After that, he’ll add more buildings and construct a campus.
“The ongoing Club Motor Estate project will also include construction of a new 27,360-square-foot garage condominium building containing 24 units which, once completed, will total 65,041 square feet,” Wolfer said.
The facility will be a place where car collectors can not only keep their collections, but build out their space to suit their tastes — a sort of cross between man caves and luxury garages.
Eventually, Badger hopes to fill 200,000 square feet with high-end cars, like Jaguars, Ferraris, Porsches and American muscle cars.
The units are selling for $125 to $150 per square foot. Each space is 24 or 30 feet wide, and 30 feet long, for a cost of between $90,000 and $135,000 per unit, Badger has said.
Senior Loan Officer
Kennedy Funding Financial, LLC
930 Sylvan Ave.
Englewood Cliffs, NJ 07632
Skype ID: jeff-silver1