Kennedy Funding Closes $1.26 Million USD Refinance on Cartagena-Area Land

US private lender takes on land with approvals still pending

Cocoa & Company SAS has raised $1.26 million USD in working capital against an undeveloped tract on the Cartagena-Barranquilla corridor, closing a cash-out refinance with Kennedy Funding, a private direct lender based in Englewood, New Jersey. The lender said it reached the borrower through commercial mortgage brokers in Colombia, disclosed the transaction on July 28, 2026. The property lies near Cartagena, off the route to Barranquilla.

Kennedy Funding said subdivision approvals are still in process and the project remains at the feasibility stage. The collateral is a roughly 20-hectare parcel — nearly 50 acres — with direct access to National Route 90A-01. Cocoa & Company plans a residential subdivision there.

The board of the Banco de la Républica (Bank of the Republic), the country’s central bank, voted on July 31, 2026, to hold the monetary policy rate at 12%. Four directors backed the hold and three voted for a 50-basis-point increase. Analysts at Bancolombia (NYSE: CIB) had forecast in April 2026 that the rate would climb to 12%, Finance Colombia reported at the time.

National Route 90A-01 is the Vía al Mar (Road to the Sea). It forms the Cartagena-Barranquilla leg of a 146-kilometer toll road concession signed with the Agencia Nacional de Infraestructura (National Infrastructure Agency), or ANI, as Contract 004 on September 10, 2014. The concession pairs 109.3 kilometers between the two cities with the 36.7-kilometer Circunvalar de la Prosperidad (Prosperity Ring Road) linking Malambo, Galapa, Puerto Colombia and Barranquilla. The concessionaire, Concesión Costera Cartagena Barranquilla, which trades as Ruta Costera, brought the full corridor into service in December 2021. Colombian transmission and infrastructure group ISA (BVC: ISA) acquired all of its shares through its Chilean roads unit, closing in October 2020.

Developers sold 3,965 homes in the department of Bolívar, which contains Cartagena, in the first half of 2026, started 3,012 units and launched 3,557, according to Camacol Bolívar, the regional chapter of the Colombian construction chamber, in figures reported by El Universal. Only the subsidized tier grew: social-interest housing accounted for 2,452 of those sales, up 26.6% year over year, while the mid- and upper-tier segment fell 28.8%, to 1,513 units from 2,126. Irvin Pérez, manager of Camacol Bolívar, told the newspaper that recent months have been challenging for the construction sector, citing macroeconomic conditions, difficulty accessing credit and the need to strengthen housing policy instruments.

Kennedy Funding has operated since 1987 and moved into its Englewood headquarters in January 2022. It announced in April 2022 that it had passed $4 billion USD in closed loans.

“International lending isn’t just about financing a property—it’s about understanding the market behind it,” said Edwin Urrego, executive loan officer at Kennedy Funding. “Every country has its own legal, regulatory, and cultural landscape. Our experience allows us to navigate those differences and provide financing solutions for borrowers pursuing opportunities that many lenders simply aren’t equipped to handle.”

“International lending has been part of Kennedy Funding’s DNA for decades,” said Kevin Wolfer, the firm’s chief executive officer. “Our experience, creativity, and willingness to think beyond traditional lending boundaries allow us to help borrowers move projects forward where others may not.”

Edwin Urrego, executive loan officer at Kennedy Funding. (Photo: Kennedy Funding handout)