Kennedy Funding Scores Hole-In-One with Multimillion Dollar Loan to Golf Course Developer

HACKENSACK, NJ, MAY 30, 2001 — When 70 golf courses of its competitor, Family Golf Center, went up for auction, Senior Tour Players, Inc. needed fast access to funding in order to bid on as many properties as possible or lose them to competitors. Kennedy Funding, a direct private lender based in Hackensack, N.J., turned around an $18 million loan commitment in just two days.

"By turning around an $18 million loan commitment in less than 48 hours, Kennedy Funding enabled us to go into the auction ready to bid on as many viable properties as possible," says Stanton V. Abrams, president and CEO of Senior Tour Players, Inc. "This was an unprecedented opportunity to expand our presence in the golf course market."

Backed by Kennedy's loan commitment, Senior Tour Players, Inc. won bids on 8 of the 70 properties sold off at the bankruptcy auction attended by 450 bidders. Sales of the assets of Family Golf Center, once considered the leading operator of full-service golf centers in the country, yielded $100 million. The auction was managed by Keene Realty Consultants of Great Neck, N.Y.

Senior Tour Players Inc., based in Brookline, Mass., is a leading owner, manager and developer of fine golf courses nationwide. Over the years, the firm has served as manager or personal agent representing golf courses for some of the biggest names in professional golf, including Sam Snead, Chi Chi Rodriguez and Johnny Miller.

"The demand for golf is very strong," said Abrams, "and prospects for continued growth are good."

Due to the growing number of retirees, interest in corporate golf, and the game's appeal to a broad age range, demand for golf courses is greater than ever. Low turnover in club and course memberships and underserved areas experiencing new development are additional factors in the increased demand for courses. In Massachusetts alone, Senior Tour Players' home state, no fewer than nine private courses have been launched since 1998. The Massachusetts Golf Association projects between 28 and 34 private and public golf courses are being built and will be ready for tee-offs in 2001 and 2002.

"Finding a traditional lender willing to issue a loan commitment of that size for the purpose of bidding on golf course properties would have entailed a lengthy process with severe hurdles to clear," says Kevin Wolfer, a principal of Kennedy Funding. "Senior Tour Players simply did not have the time to wait. Within 48 hours, we were able to assess the viability of the deal and tap our network of capital resources to produce the loan commitment."

This is not the first time Kennedy Funding has made a loan to a golf course enterprise or sports entity. Kennedy made a $16.5 million dollar loan to the developers of the world-class championship golf course at the Quintero Golf and Country Club just outside Phoenix. Other loans for golf courses were part of development deals in which the courses were components of residential communities or resorts.

Although they are primarily a direct private lender in the commercial real estate arena, Kennedy Funding has a diverse lending history that includes successful loans to sports complexes, amusement parks, airlines, and innovative companies with a variety of collateral.

Kennedy excels in loans covering a wide variety of financial scenarios including successfully dealing with 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.

"There is a growing demand by commercial borrowers for lending that is nonconventional and that operates in real time," says Henry Haskell, a Kennedy principal. "Today's entrepreneurs and businesses need to respond to market conditions that change daily, even hourly. No one can afford to be complacent and survive in the present global marketplace."

Kennedy Funding's expertise in due diligence and risk assessment enables the lender to support commercial investments of virtually any type. Unlike conventional banks, Kennedy responds to loan requests rapidly and issues decisions immediately. They can provide up to $300 million in as little as two weeks and a commitment in just two days. In the past, Kennedy has issued multimillion dollar 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.

"Most lenders reject loan requests that are outside of predictable, known criteria because they're not equipped to evaluate them," says Wolfer. "We've encountered few, if any, lending situations that we couldn't address successfully."

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