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Kennedy
Funding Lends $16.5 Million to Developer of Arizona Championship
Golf Club
HACKENSACK,
NJ — For Gary McClung, getting
money to fund his mammoth Golf and Country Club wasn't an issue.
Dozens of private investors embraced the idea. But there was a catch.
 All
wanted to take an equity position; something that McClung didn't
want to entertain. So with the help of Ira Sampson of Sonnenblick
Goldman, one of the nation's largest investment bankers, McClung
got his money - unencumbered - from Kennedy Funding, a leading direct
private lender based in Hackensack, New Jersey.
The $16.5 million Kennedy loan to McClung,
the developer of Quintero Golf and Country Club, will
fund development of two championship golf courses and an upscale
residential community in Maricopa County, Arizona outside of Phoenix.
The fact that Sonnenblick Goldman has turned to Kennedy Funding
is quite an honor - they knew that we were one of the only lenders
in the country that could make this deal happen," says Jeffrey
Wolfer, President of Kennedy. "This golf course community has
all the earmarks of a winner and we saw tremendous potential in
our opportunity to participate in the project. The two courses are
being designed by Rees Jones and Greg Norman, two of the nation's
leading designers of championship golf courses, in a market with
strong support for golf course communities.
Proceeds of Kennedy's loan will be utilized to continue work to
complete the development's infrastructure and construction of the
first 18-hole golf course. The loan is being made to McClung, a
principal of Midway Ford and Truck center in Kansas City, Mo., one
of the largest truck dealerships in the country, and the owner-operator
of seven businesses in three states.
Gary McClung had no problem securing interest from a number of investors,
but they sought a 50 percent equity stake, says Henry Haskell, a
principal of Kennedy Funding. We made the deal with no equity and
used the land as collateral. Our due diligence showed that most
development is occurring in the northeast quadrant of the state,
and Quintero is being built in the northwest, which industry analysts
see as the state's next hot area. All the facts pointed to a project
that would be in high demand.
To secure approvals for residential construction, developers in
Arizona must have a guaranteed 100-year supply of water. In Arizona,
water is a critical commodity and developments cannot proceed without
the requisite 100-year supply of water. To date, McClung has secured
one 10-year supply with three additional ten-year supplies available,
and is well on his way to securing the 100-year supply.
The golf course market in Arizona is particularly strong and memberships
and daily fee rates in the state are the fourth highest in the U.S.
Arizona has a solid residential base as well as a particularly strong
resort and tourist market. In fact, were it not for the large availability
of public and affordable courses in the state, Arizona would likely
rank first in the nation among private memberships.
 The
Quintero Golf and Country Club will comprise an 827-acre site
with two championship golf courses, 283 residential lots for single
family homes, and a 35,000 square-foot clubhouse. The first course,
named The Founders Course, is a private, 18-hole golf course being
designed by Rees Jones and will be the central component of phase
one of the Quintero master-planned community. The development is
situated in Maricopa County near Peoria on the north side of Highway
74, approximately eight miles west of Lake Pleasant. Landscapes
Unlimited is the construction company for the golf course, with
RCB Inc. managing construction of the community and land planning
and landscaping is being handled by Greey-Pickett.
The completed golf course for phase one will cover 7,060 yards and
feature a state-of-the-art centrally, controlled irrigation system;
wall-to-wall concrete cart paths; an 8,000 square-foot maintenance
facility; two comfort stations; clubhouse; a minimum of four sets
of tees; a full complement of course maintenance equipment and golf
carts; and greens designed and built to USGA specifications.
According to McClung, to date, the development has sold 87 non-equity
golf memberships totaling $6.3 million and has real estate reservations
amounting to $12,430,000. The golf course is under construction
and sales are expected to increase significantly. Projections for
sales after opening are an average of six memberships per month.
A diversified direct lender with a national reputation for its expertise
in commercial real estate, Kennedy Funding has participated in a
vast array of projects ranging from commercial developments to sports
complexes and amusement parks. As a direct private lender, Kennedy
excels in loans covering a wide variety of financial scenarios including
successfully dealing with land development, commercial property
workouts, foreclosure situations, bankruptcies, and other situations
that require innovative financial strategies.
Kennedy Funding has been a key lender in commercial real estate
projects throughout the country and has also completed some high
profile commercial loans in the international arena.
As opposed to more traditional banks, Kennedy responds to loan requests
rapidly and issues decisions immediately. As a direct, private lender
it relies upon its own highly specialized executive team for investment
advice, risk analysis, and due diligence. Due to its excellent track
record, Kennedy Funding is able to tap substantial lines of credit
with investment banks and works closely with standing a pool of
private investors. The company specializes in commercial real estate
loans, and its diverse experience has given the firm the capability
to respond to a wide variety of typical and atypical lending scenarios
quickly and efficiently.
To succeed for our clients and investors, we utilize our own in-house
experts to analyze risk and devise financial strategies to meet
nearly every situation imaginable, says Haskell. Most lenders are
either unwilling or unable to take on deals that don't fall into
narrows, prescribed ranges of acceptability because they simply
do not have the expertise to handle them. We do, and that is why
many developers turn to us for the financing they need to bring
their projects to fruition.
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Superstar John McEnroe to Highlight The Kennedy Funding Invitational
Tennis Tournament, July 9–13, 2008
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Kennedy Funding Loans Hawaiian Developer $7 Million for Big Project on Big Island |
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$47.1425 Million Loan From Kennedy Funding Helps Idyllic Community Take Off in Eagle County, Colorado |
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$15.1 Million Loan from Kennedy Funding Provides the Right Prescription for Pennsylvania Mental Health Care Center |
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$29.3 Million Loan from Kennedy Funding Helps Florida Developer Make a Big Splash with Luxury Residential Community and Water Park Complex |
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Fast $28.8 Million Loan from Kennedy Funding Helps Developer Build Resort for All Seasons in Utah Mountains |
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$4.55 Million from Kennedy Funding is Second Loan in a Month to MOA
Loan Helps Developer Build ‘Buffalo Bill’ Hotel near Yellowstone |
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$47 Million Loan From Kennedy Funding Helps Florida Developer Shift His Town Center Project Into High Gear |
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$23.2 Million Loan from Kennedy Funding Helps Developer Sink a Birdie on His Residential Golf Community |
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$55 Million Loan From Kennedy Funding Means Smooth Sailing for Georgia Developer
As Traditional Lenders Shy Away from the Residential Market, Kennedy Shares Borrowers' Vision & Steps in to Fill the Void |
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$24.9 Million Loan From Kennedy Funding Brings Some Magic to Florida Residential Resort Project Near Walt Disney World |
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With a Total of $70 Million in Loans, Kennedy Funding's Magic is Helping Build Florida Developer's Kingdom |
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$13.5 Million Loan from Kennedy Funding Closes in Just Two Weeks & Saves the Day After Other Lender Drops the Ball |
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$6.66 Million Raw Land Loan from Kennedy Funding Closes in Only
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Loan Helps Texas Developer Purchase Another Property Just in Time |
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$12.3 Million Loan From Kennedy Funding Helps Philadelphia Developer Acquire 71-Acre Tract Along the Delaware River |
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Up Against the Odds and the Clock, Kennedy Funding Closes $7 Million Loan for HHH Nevada's Las Vegas Project in Just Over a Week |
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$15.5 Million Loan From Kennedy Funding Helps Developer Bring an International Flavor to Chamblee, Georgia |
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Hurricanes destroyed 119 homes...a $23.3 million loan from Kennedy Funding brightens the future for the new owners of West Palm Beach tower. |
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Kennedy Funding Gains $200 Million Securitization from Fortis Bank
'Superpower' Lending Capacity Now Extends into the Billions |
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$20 Million Loan from Kennedy Funding Helps Developer Acquire Prime Piece of Downtown Philadelphia
Ambitious, Long-Term Plan Calls for 10,000,000 Sq. Ft. Development on Site Bigger Than the World Trade Center |
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$14.5 Million Loan From Kennedy Funding Helps Save Developer's Plans for 50 Acres on Hawaii's Big Island
Kennedy's First Deal in the Western Pacific a Testament to Skill & Determination |
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Kennedy Funding's $3.72 Million Loan Helps Atlanta Area Mixed-Use Project Get Underway
The Lofts on Antique Row Loan Closes in Only Two Weeks |
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Kennedy
Funding Nears $200 Million in Loans for Fiscal Year 2006 |
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Kennedy
Funding Loan to Louisiana Developer Speeds Renovation of
Hotel |
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$2.13
Million Loan from Kennedy Funding Helps Hotel & Restaurant Owner Refinance and Consolidate |
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Kennedy Funding Introduces Useful New Tools for Commercial Mortgage Brokers & Hard Money Borrowers |
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Jeffrey
Wolfer of Kennedy Funding Wins Coveted Award President &
Co-CEO Named 2006 Forty Under 40 Winner |
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Kennedy
Funding Loans $2.1 Million to Florida Developer for Purchase
of Championship Golf Course & Country Club in Florida |
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Kennedy
Funding’s $4.2 Million Loan Helps Illinois Developer Refinance 64-Acre Parcel
Lender’s 2nd Loan to Ocean Atlantic/PFG-Westbury, LLC Keeps Development Plans On-Track |
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$1.845
Million Loan from Kennedy Funding Helps California Developer
Bring a Little Bit of Beverly Hills to Lexington, Tennessee |
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Paul
Goldstein & Englewood Hospital Big Winners at The Kennedy Funding Invitational |
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$2.9
Million Loan from Kennedy Funding Helps Niagara Falls Investor Leap into the Hotel Business |
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$1.65
Million Loan from Kennedy Funding Helps Pennsylvania Developer Turn Timeshares into Condos |
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Timely
Loan from Kennedy Funding Helps OneCap Partners Purchase 78 Acres in 'Next Las Vegas'
$12 Million Loan Closes in Less Than a Week |
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$7.8
Million Loan from Kennedy Funding Helps Partners Own a 403-Acre Piece of Maryland
Raw Land Loan Closes in Just Two Week |
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The
Kennedy Funding Invitational to Benefit Breast Care Center at Englewood Hospital
Will Feature Top-Ranked Tennis Players From Around the World |
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$9
Million Loan from Kennedy Funding Helps Elias Brothers Keep
Florida Development Plans Alive |
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Kennedy Funding – 2 Loan Closings, 2 Countries, 1 Day. |
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$3.864
Million Loan from Kennedy Funding Helps Kings Highway Acquire Land and Buy Out Partners |
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$6.525
Million Loan from Kennedy Funding Helps a Los Angeles Condominium Conversion Get Under Way |
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$1.2 Million
from Kennedy Funding Will Help Make West Hills Golf Course
a Driving Force in New Brunswick, Canada |
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$9.78
Million Loan From Kennedy Funding Facilitates 571-Acre New York Resort Purchase |
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$12
Million loan from Kennedy Funding saves Mississippi Shores
Of Paradise project in wake of Katrina |
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$50
Million Loan From Kennedy Funding to Saguaro Ranch Heats up
the Tucson Desert With a 1,035 Acre/180-Lot Luxury Residential and Intimate Resort Development |
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JEFFREY
WOLFER AIDS KATRINA RECOVERY EFFORT |
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$6.8
Million Loan From Kennedy Funding Puts the Beat in Houston
Nightclub |
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Kennedy
Funding Sets 'Land Speed' Record — Closes $3.25m Vegas
Acquisition Loan in 48 Hours |
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$40
million loan from Kennedy Funding facilitates 214-acre Florida
land purchase |
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8
properties in 5 states change hands in one transaction thanks to $6 million loan from Kennedy Funding |
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Kennedy
Funding Loans $6.5 Million for One of the Last Land Parcels On the Outer Banks |
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$12
Million Loan From Kennedy Funding Buys Prime Land on the
Navesink River |
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$4
Million From Kennedy Funding Buys Hotel And Additional Land Near Walt Disney World |
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$5.5
Million Acquisition Loan from Kennedy Funding Puts Michigan
Condos Back on Track |
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Kennedy
Funding Loans $10 Million for Park Avenue Duplex Condominium |
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$2.5
Million Loan From Kennedy Funding Takes Detroit Hospital
Off Life Support |
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Kennedy Funding Lends $2.7 Million to Aquaplex Project in Wisconsin |
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Kennedy
Funding Rescues Blue Ridge Mountains' Developer |
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Kennedy
Funding Introduces New Low Rate Loan Program |
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Non-Profit
Philadelphia Hospital Gets Life-Saving Loan of $5.325 Million
From Kennedy Funding |
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$2.5
Million Loan From Kennedy Funding Fuels Purchase of Florida
Sunoco Station |
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$3.5
Million loan from Kennedy Funding delivered in record time
to development company in Florida |
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Kennedy Funding's
$2.6 million loan rescues bankrupts company in Camden, New
Jersey |
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New
Resort to Rise on Sandy Beach in Puerto Rico, Thanks
to Loan From Private Lender Kennedy Funding |
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$4
Million Loan From Kennedy Funding Helps Developer Bring
Gaming Enterprise to Mexico City |
|
Country
Club with Golf Course Coming to Maine with Help of $3.4
Million Loan From Kennedy Funding |
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Home improvement
company spruces up with $3.5 million loan from Kennedy Funding |
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Highrollers
meet steamrollers as Kennedy Funding loans $18.5 million
for major development on Las Vegas strip |
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Kennedy
Funding Loans $3.9 Million to Developers for St. Croix, Virgin
Islands Resort |
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Kennedy
Funding borrower returns for second loan to build condos
on island of Cozumel, Mexico |
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Kennedy
Funding's $3.4 million loan will help provide affordable
housing in Mexico |
|
Kennedy
Funding's $5.2 million loan paid back by borrower in record
time |
|
Kennedy
Funding loans $6.6 million to developer of Florida beachfront
condos |
|
Kennedy
Funding lands in paradise with $5.4 million loan to developer
of Fiji island resort |
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Kennedy
Funding loans $3 million to California developer |
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Kennedy
Funding Lends $1.5 Million to Colorado Developer for New
Community adjacent to Vail's Keystone Resort |
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Kennedy
Funding Lends $2.3 Million to Mexican Developers |
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Kennedy Funding Receives $14.5 Million Payback On Defaulted Loan
from Penthouse Founder Guccione |
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Kennedy
Funding Lends $18 Million to Developers of Next 'Sun Valley' |
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Kennedy Funding
issues $5.3 million loan to Travis Boats & Motors (NASDAQ: TRVS) |
|
Kennedy Funding
bails out South Florida Developer with quick $3 million second
mortgage bridge loan |
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Kennedy Funding
lends $1.8 million to Port Saint Lucie, Florida Developer |
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Kennedy Funding Expands Media Expertise With Loan To Hispanic
Radio Station |
|
Kennedy Funding
Lends $6 Million To Leading Operator Of Charter Schools |
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Kennedy Funding Scores Hole-In-One with Multimillion Dollar Loan
to Golf Course Developer |
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Kennedy Funding’s
Two Day Loan Rescues Building From Foreclosure |
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In
Private Lending, Bigger is Better |
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Kennedy
Funding Loan of $2.2 Million Breaths ‘New Life’ Into Funeral Home |
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Quick
$3.5 Million Loan by Kennedy Funding Funds Acquisition of Former
Hospital |
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Michigan Hoteliers
Do It Their Way with Multimillion Dollar Loan from Kennedy
Funding |
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Guccione
Gets $35 Million Reprieve |
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NJ Lender
Bails Out Auto Dealer in Far-Off St. Maarten |
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Kennedy Funding
Expands Lending Expertise with Loan to NYC TV Station |
|
Kennedy
Funding Plays Key Role in $66 Million Loan to Florida
Developer |
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Kennedy Loan
Funds Conversion of Dormant Inn to a State of
the Art Ramada Plaza Hotel |
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Kennedy
Funding Lends $16.5 Million to Developer of Arizona
Championship
Golf Club |
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Private Lenders
Emerge as Main Source of Capital as $30 Billion
in Commercial
Loans Are at Risk |
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Hackensack
Lender Provides $7.1 Million Loan for Major Land
Deal
in Texas |
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Kiwi Gets $2.2
Million to Help Recovery |
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Kennedy
Funding's $1.1 million loan rescues recycling pioneer from
bankruptcy |
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Kennedy
Funding takes to high seas with $5.1 million loan to international shipping line |
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Kennedy
Funding lends assisted-living housing facility $500,000
to pay down $1.9 million Hud loan |
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Kennedy Funding's
$7.6 Million Loan Helps MPTV, Inc. Launch Las Vegas Time
Share Project |
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Kennedy
Funding rescues bankrupt developer with creative financing |
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