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$2.5 Million Loan From Kennedy Funding Takes Detroit Hospital
Off Life Support
Hackensack, NJ, June 7 — Dilapidated
and nearly unoccupied, The United Community Hospital on 20th Street
in Detroit is in dire need of immediate renovation and upgrade.
No conventional lenders would fund the ailing healthcare facility
because of their strict lending requirements and the timeframe
in which the borrowers required the money.
Kennedy Funding, a direct private lender in Hackensack, New Jersey,
believes there is still life in the old structure -- and has agreed
to a $2.5 million improvement loan.
The 217,000 sq. ft. hospital, built in 1972, is situated on seven
acres in downtown Detroit and has been in partial operation as
a healthcare facility, with some space rented out to medically-related
companies and operations. To restore the building to full use will
require extensive renovation, and the current owners, the non-profit
Community Healthcare Providers, Inc., discovered that it was difficult
to meet the stringent requirements of traditional funding sources.
The hospital was in a development stage without sufficient capital
reserves, and yet the need to renovate the facility was increasingly
apparent.
"When we needed immediate funding for expansion and building
improvements, Kennedy came through where others did not," said
Robin M. Barclay, spearheading the financing of renovations for
the hospital. "We appreciate that wholeheartedly and look
forward to an excellent working relationship with the Kennedy Funding
organization."
Kennedy Funding loan officer Jim Syros added that "working
with nonprofits like Community Healthcare Providers adds its own
special challenges, but Kennedy has vast experience in virtually
every aspect of the mortgage and lending marketplace -- in other
words, no problem."
And Jeffrey Wolfer, President and Co-CEO of Kennedy Funding, believes
that Detroit has the potential to become the midwest's newest 'renaissance
city,' and thinks a refurbished hospital is a favorable reflection
of that momentum. "Kennedy Funding sees this structure and
the surrounding acreage as re- emerging prime real estate, and
lending millions -- at a time when banks virtually ignore Detroit
-- is smart business with a positive outlook."
Kennedy Funding is certainly at the forefront of making smart
and effective business decisions. Their streamlined evaluation
process gives them the ability to issue loan commitments in as
little as 24 hours, with closings in as little as 5 days, and often
in no more than 2 weeks. With a deep source of funds at their disposal,
available loans range from $1 million to $100 million, and more
when the need is there. Part of their uniqueness comes from a policy
based on flexibility -- as witnessed by their willingness to accept
raw land as collateral, and to fund developments in Mexico, Europe,
and exotic locations such as Fiji.
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 65% loan-to-value
for commercial land development, acquisitions, workouts, refinancing,
bankruptcies, and foreclosures.
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$47.1425 Million Loan From Kennedy Funding Helps Idyllic Community Take Off in Eagle County, Colorado |
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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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$23.2 Million Loan from Kennedy Funding Helps Developer Sink a Birdie on His Residential Golf Community |
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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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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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Wolfer of Kennedy Funding Wins Coveted Award President &
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Funding Loans $2.1 Million to Florida Developer for Purchase
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Million Loan from Kennedy Funding Helps California Developer
Bring a Little Bit of Beverly Hills to Lexington, Tennessee |
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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'
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Million Loan from Kennedy Funding Helps Partners Own a 403-Acre Piece of Maryland
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Million Loan from Kennedy Funding Helps Elias Brothers Keep
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$3.864
Million Loan from Kennedy Funding Helps Kings Highway Acquire Land and Buy Out Partners |
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Million Loan from Kennedy Funding Helps a Los Angeles Condominium Conversion Get Under Way |
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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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Million loan from Kennedy Funding saves Mississippi Shores
Of Paradise project in wake of Katrina |
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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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Nightclub |
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Funding Sets 'Land Speed' Record — Closes $3.25m Vegas
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properties in 5 states change hands in one transaction thanks to $6 million loan from Kennedy Funding |
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Million From Kennedy Funding Buys Hotel And Additional Land Near Walt Disney World |
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Million Acquisition Loan from Kennedy Funding Puts Michigan
Condos Back on Track |
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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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Funding Rescues Blue Ridge Mountains' Developer |
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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 |
|
Kennedy
Funding Loans $3.9 Million to Developers for St. Croix, Virgin
Islands Resort |
|
Kennedy
Funding borrower returns for second loan to build condos
on island of Cozumel, Mexico |
|
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 |
|
Kennedy
Funding loans $3 million to California developer |
|
Kennedy
Funding Lends $1.5 Million to Colorado Developer for New
Community adjacent to Vail's Keystone Resort |
|
Kennedy
Funding Lends $2.3 Million to Mexican Developers |
|
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' |
|
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 |
|
Kennedy Funding
lends $1.8 million to Port Saint Lucie, Florida Developer |
|
Kennedy Funding Expands Media Expertise With Loan To Hispanic
Radio Station |
|
Kennedy Funding
Lends $6 Million To Leading Operator Of Charter Schools |
|
Kennedy Funding Scores Hole-In-One with Multimillion Dollar Loan
to Golf Course Developer |
|
Kennedy Funding’s
Two Day Loan Rescues Building From Foreclosure |
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In
Private Lending, Bigger is Better |
|
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 |
|
Kennedy Funding
Expands Lending Expertise with Loan to NYC TV Station |
|
Kennedy
Funding Plays Key Role in $66 Million Loan to Florida
Developer |
|
Kennedy Loan
Funds Conversion of Dormant Inn to a State of
the Art Ramada Plaza Hotel |
|
Kennedy
Funding Lends $16.5 Million to Developer of Arizona
Championship
Golf Club |
|
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 |
|
Kiwi Gets $2.2
Million to Help Recovery |
|
Kennedy
Funding's $1.1 million loan rescues recycling pioneer from
bankruptcy |
|
Kennedy
Funding takes to high seas with $5.1 million loan to international shipping line |
|
Kennedy
Funding lends assisted-living housing facility $500,000
to pay down $1.9 million Hud loan |
|
Kennedy Funding's
$7.6 Million Loan Helps MPTV, Inc. Launch Las Vegas Time
Share Project |
|
Kennedy
Funding rescues bankrupt developer with creative financing |
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