Quick $3.5 Million Loan by Kennedy Funding Funds
Acquisition of Former Hospital

HACKENSACK, NJ, OCTOBER 3, 2001 — With limited time to act, a New Jersey developer turned to Kennedy Funding, a direct private lender based in Hackensack, New Jersey for a $3.5 million loan to acquire the former Point Pleasant Hospital property at an auction held by the Borough of Point Pleasant.

"Time was of the essence in acquiring the funds necessary to succeed in the bidding at the auction for the hospital property," said Elliot S. Saltzman, president and CEO of the Lancaster Group, LLC. "By turning around a $3.5 million loan in just five days, Kennedy Funding enabled us to acquire the property after we became the winning bidder."

Point Pleasant Hospital, a seven-acre site auctioned by the Borough of Point Pleasant, was purchased for $5.25 million and the Lancaster Group (under the newly formed entity Point Pleasant Towers LLC) will convert the hospital to 123 luxury condominiums.

"With the financial markets in a period of uncertainty, the role of nontraditional lenders as a resource for commercial capital has become critical for borrowers seeking to meet urgent business and development objectives," says Jeffrey Wolfer, President of Kennedy Funding. "I doubt a traditional lender could have acted as quickly to meet the needs of the Lancaster Group."

According to Saltzman, "What impressed me the most about Kennedy was their fast turnaround and their willingness to get the job done. Their service is unsurpassed in terms of speed and their commitment to the borrower." Formerly owned by Meridian Corporation, Point Pleasant Hospital originally consisted of a 13-acre site, which the health care company sold to the Borough for $3 million following the closing of the hospital. With the sale of the property at auction, the Borough made more than $2 million on the transaction. The site’s remaining six-acres will be turned into a park by the Borough.

Located on River Road in Point Pleasant, the proposed luxury condominium project will border the Manasquan River and canal on one side and the Borough’s park on the other. More than 75 percent of the units will have riverfront views and the property has roughly 800-plus feet of bulkhead to create approximately 40 slips in a marina.

"This is an excellent site for the proposed development and a prime location on the Jersey Shore noted for its recreational and resort facilities," said Jeffrey Wolfer. "We saw this investment as a win-win situation for our investors and the borrowers."

Kennedy excels in loans covering a wide variety of financial scenarios including commercial property workouts, foreclosure situations, bankruptcies, and situations that require innovative financial strategies.
A key lender in commercial real estate projects nationwide, Kennedy Funding has also completed high profile commercial loans in the international arena.

"Within today’s global marketplace, speed is paramount," says Jeffrey Wolfer. "Markets are so competitive and conditions change so rapidly, companies need to be able to respond immediately to opportunities and events. Access to capital is the engine that drives the economy and fuels the success of enterprises. Private lenders are extremely well-positioned to meet the strategic financial needs of commercial borrowers."

Kennedy Funding’s expertise in due diligence and risk assessment enable the lender to support commercial mortgage funding of virtually any type. Unlike conventional banks, Kennedy responds to loan requests rapidly and issues decisions immediately. The lender can provide up to $300 million in as little as two weeks and a commitment in just two days with a loan-to-value ratio up to 75%. In the past, Kennedy has issued multimillion loan commitments in as little as 24 hours.

Advantages of direct private lenders, such as Kennedy, over traditional lenders, include quick responses to loan requests, diverse experience, flexibility in loan configuration, and the ability to devise innovative solutions to a broad range of lending scenarios.

"Approach a traditional lender with a loan request that is even slightly outside the criteria of a typical loan and you’ll be turned down more than 90 percent of the time," says Wolfer. "Even if you do get accepted, the red tape and delays inherent in traditional lenders’ processes can kill a deal as well. We have the expertise and resources to act quickly and decisively regardless of loan conditions and related circumstances."

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