8 properties in 5 states change hands in one transaction thanks to $6 million loan from Kennedy Funding

HACKENSACK, NJ, September 21, 2005 — Under a new, lower commercial loan rate of 9 percent / 3 points, Fort Roc Realty, LLC received a $6 million acquisition loan from Kennedy Funding, a direct private lender based in Hackensack, New Jersey. The funds will be used to purchase a total of eight partially leased, underperforming office buildings in New York, Pennsylvania, Connecticut, New Jersey and Rhode Island.

Fort Roc Realty, LLC, led by renowned bankruptcy attorney Chaim Fortgang, along with Seth Fortgang and Michael Sonnenberg, generated just over one-third of the aggregate purchase price in cash, and then found that traditional lenders were not interested in supplying the difference. Roughly 75% of the properties have major vacancies, coupled with low income levels and the Bank of America enjoying rent- and expense-free occupancies until December 2005 and March 2006. Consequently, raising the capital for the purchase became increasingly difficult, until Kennedy Funding entered the picture.

Under Kennedy's new loan program, Fort Roc Realty will receive the necessary funds at the 9 percent / 3 points rate reserved for customers who put significant equity of their own into the projects, as in this case, or for those who have substantial income-producing properties.

The funds will help cover the acquisition costs of five floors of commercial condominium space in a seven-story commercial building in Albany's Central Business District (CBD); a 2-story office/bank branch in the CBD of Rome, New York; a 2-story office/bank branch in Syracuse, New York's CBD; a 2-story office/bank branch and parking lot in Norristown, Pennsylvania; a 3-story office/bank branch in the CBD of Wilkes-Barre, PA; a 3-story office/bank branch in the Hartford, Connecticut CBD; a 2-story office/bank branch with parking in Bordentown, New Jersey; and a 2-story office building with parking in East Providence, Rhode Island.

"Kennedy Funding allowed us to complete this deal with a minimum amount of negotiation and document handling and a maximum amount of time saved," remarked Seth Fortgang of Fort Roc LLC. "They were totally professional and delivered the necessary funds in a timely and forthright manner."

Jeffrey Wolfer, President of Kennedy Funding, noted that "multi-state, multi-property deals are by definition more complex than a single property transaction, and yet our experience in this area made the process relatively simple. We've done so many commercial real estate transactions—here, in Mexico, and in other parts of the world—that they've become second nature to us now.

"Plus," he continued, "we provided the funds at our new 9/3 rate, a substantial improvement over the typical hard money loan. We stay flexible and focused with clients, and when we can provide something economically advantageous to them, we go for it—even when no one else will. At Kennedy Funding, we streamline the process, advise the borrower, and see the deal through to a successful resolution. Kennedy Funding is a 'full service' lender in every sense of the word, including lending at a lower commercial loan rate whenever possible."

Kennedy Funding's evaluative process is quick, expert, and thorough, determining the intrinsic value of both the collateral and the project for which the funds are requested. The firm has the ability to issue loan commitments in as little as 24 hours, which can lead to a closing in 2 weeks or less. Available financing ranges from $1 million to $100 million and more.

While specializing in commercial real estate loans, Kennedy has funded such diverse enterprises as high-profile golf courses, amusement parks, TV and radio stations, airlines, and sports complexes, among others; professionals including land-use developers, resort builders, entrepreneurs, and major businessmen have used the services of Kennedy Funding to great success. They can generate up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

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