Kennedy Funding loans $6.6 million to developer of Florida beachfront condos

HACKENSACK, NJ, April 28, 2004 — A Florida developer seeking to build a mid-rise beachfront condominium project in the booming Panama City market received a $6.6 million loan to acquire the property from Kennedy Funding, a direct private lender based in Hackensack, New Jersey.

Gulf Waves Partners, LLC thought they had everything set to purchase prime property along Panama City’s ten-mile long Gulf Coast shoreline in the Florida panhandle when the bank it had lined up was unable to close in the timeframe allotted for the deal. The seller, who holds backup contracts, was unwilling to extend the contract and time was running out. Prices for land along the beachfront have jumped from 8 percent of a finished condo to 15 percent and the value of beachfront property skyrocketing from $15,000 per linear foot to $50,000 within an eighteen-month period.

Needing a loan commitment quickly or risk losing the property, Gulf Waves principal Al Buniak turned to Kenned Funding, which was able to quickly process the loan for $6.6 million.

“Timing was the critical issue for us and Kennedy Funding was able to get the deal done in the tight timeframe we were facing,” says Al Buniak. “They were not only prompt in responding to our needs, but they were really helpful in making the loan happen. The whole Florida Gulf market is doing very well and Panama City has become a very hot market to the extent that a delay in getting the loan was essential to obtaining the property.”

“Panama City’s beachfront is undergoing a major boom since the City changed the zoning along the beach to allow for the construction of 20-plus story multifamily buildings,” says Kennedy Funding President Jeffrey Wolfer. “There are more than 20 beachfront projects under way now and our research showed that the marketability of these projects is very strong, making it a sound investment.”

The loan from Kennedy Funding will enable Gulf Waves to purchase 1.46 acres of beachfront property located at Beach Boulevard and Thomas Drive near the intersection of Route 98 and Front Beach Road, known as the strip. The project will be called Gulf Waves Cabanas and will have a minimum of 200 condo units in one-to-three 22-story buildings.
“Land loans for property acquisition and build outs for infrastructure are among the most difficult to obtain from traditional lenders,” says Wolfer. “Conventional lenders are unwilling to take on the risk and cannot respond quickly enough to produce commitments due to loan processes tangled up with red tape and layers of decision-making by committee.”

Kennedy has a streamlined, efficient loan process in place that enables it to produce loan commitments from $1 million and up in as little as two weeks. With its highly specialized expertise in commercial real estate lending developed over two decades, Kennedy is able to fund loan requests that conventional lenders shy away from.

Speed is the hallmark of Kennedy Funding, which has been known to turn around loan commitments in as little as 24 hours and routinely produces commitments in 2-3 days. The ability to move that fast is a function of Kennedy’s strong financial resources and international reputation for devising innovative strategies to deal with commercial property workouts, foreclosures, acquisitions, refinancing, bankruptcies and related situations.

“In today’s business climate, transactions have to move quickly or opportunities are lost,” says Wolfer. “Timing is critical to the success of commercial real estate ventures. Our ability to respond quickly is the primary reason so many borrowers turn to us.”

Kennedy also provides personalized service to guide borrowers through transactions. The lender works closely with the borrower throughout the process to ensure that the client’s needs are met and any contingency situations that arise are resolved.

For more than twenty years, Kennedy Funding has served the commercial real estate and business needs of clients throughout the United States and abroad. The company has successfully funded diverse projects including residential and commercial real estate, high profile golf courses, resort communities, TV and radio stations, airlines, amusement parks, hotels, sports complexes and a variety of commercial business enterprises.

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