Highrollers meet steamrollers as Kennedy Funding loans $18.5 million for major development on Las Vegas strip

Projected $200 million condominium hotel gets initial funding;
top design firm signs on

HACKENSACK, NJ, September 8, 2004 — The ranch-style Pollyanna Motel sits on a small, 1.76 acre parcel of the Las Vegas strip, but with a loan of $18.5 million from Kennedy Funding, a direct private lender based in Hackensack, New Jersey, it is about to begin a transformation into a towering residential development on the most famous boulevard in the world. Comprised of condominiums as well as a condominium hotel, the project represents a formidable addition to the Strip, and is representative of Las Vegas' ongoing growth and expansion.

The Mandalay Bay Hotel and Casino and Bali Hai Golf Club are across the street, and the Tropicana, the MGM Grand, New York, New York and Monte Carlo are all proximate to the site. A 100-foot height restriction on new construction, imposed by nearby McCarran Airport, dissuaded banks and other traditional lenders from participating in the purchase and development of the motel, originally built in 1954. But the borrowers believed they could win a variance that would allow them to build higher, between 170-260 feet. On a recent Wednesday, a call went out to Kennedy

Funding. By Friday the purchasers had a signed commitment, and by Sunday, an approval for the $18.5 million loan.

"No traditional lender would come to the table within our time frame," explained Todd Roth, Esq., of Metropolitan Land Development LLC, purchasers of the property. "Kennedy Funding understood the enormous potential value of Las Vegas real estate, and provided the funds to complete the purchase. Kennedy made this happen."

Las Vegas has in fact sustained its ranking as one of America's top tourist destinations, and is considered a powerhouse economic engine. More than 35 million visitors come to Las Vegas annually, pumping upwards of $31 billion into the local economy, more than $6 billion of which is gaming revenue. Most tourists (73%) stay on the Strip, where hotel occupancy hovers at a steady 90%. There are no 'bad' years in Las Vegas, as evidenced by sure, steady growth and a healthy, ongoing construction market.

Kennedy Funding completed their evaluation and funding agreement while busy with a range of domestic and international deals. Kennedy partner Henry Haskell and his son, David, who recently joined the firm, visited the Las Vegas site as part of a lengthy trip evaluating 2 other projects in the US and Mexico. Eight flights in three days across two countries is an indication of Kennedy's expanding global business, but the extensive activity did not prevent them from a quick closing on the Vegas land deal.

"The site is in the heart of the Strip, part of the most valuable and high-traffic real estate in the country," observed Mr. Haskell. "Once the variance comes through, as we believe it will, Metropolitan Land Development will build condominiums and a condominium hotel that we project will have a sustained, escalating value. Other investors who considered participating insisted on equity before they would fund the purchase," he continued, " but at Kennedy, we believe in the vision of the borrower. We fund based on value, we don't demand participation or attach any strings beyond basic collateral. This purchase will lead to a development with dramatic impact on the Las Vegas profile."

Jeffrey Wolfer, president of Kennedy Funding, concurs. "This is a tremendously exciting project, for Las Vegas and for Kennedy Funding. And it certainly is an impressive 'entry point' for David Haskell. It's clear that he will be a talented, new source of energy and inspiration for the company, and we are pleased that he has joined us."

The residential tower will be designed, engineered, and built by Marnell Corrao Associates, and is projected to rise 24-26 stories, after the zoning variance and permits are in place. Marnell is the premier builder in Las Vegas, having completed structures for Harrah's, MGM / Mirage, Wynn Design and Development, and Mandalay Bay. Early construction costs are estimated to be in the range of $200 million. Other top-of-the-line design and engineering firms are expected on board soon.

Kennedy Funding is sought out by entrepreneurs, developers, and builders around the world, who select the firm for financing based on their reputation for attentive service and thorough comprehension of the needs of the borrower. Each project is carefully considered for its own merits, as determined by Kennedy's effective evaluation process. Kennedy's financial depth and resources means they can offer loans ranging from $1 million to $100 million, making loan commitments in as little as 24 hours, and closing quickly, often in just 2 weeks.

While specializing in commercial real estate loans, Kennedy Funding has expanded its scope of lending to include a wide range of enterprises, including amusement parks, high-profile golf courses, tv and radio stations, airlines, and sports complexes, among others. Their extensive knowledge base and solid reputation has seen them manage everything from the most complex of financial transactions to simple acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

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