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Kennedy Funding Closes $11.5 Million Loan to National Retail Development Partners
Arizona Company Moves Ahead on Mixed-Use Complex
July 22, 2008 – Hackensack, New Jersey-based Kennedy Funding, Inc., the direct lending company with a record of closing transactions expediently, announces an $11.5 loan to National Retail Development Partners (NRDP AZV, LLC) for site development and construction of a mixed-use office and retail complex – Ironwood Festival – in Scottsdale, Arizona.
The developer already has obtained site approval for Ironwood Festival, which will comprise six structures holding over 81,000 sq. ft. of retail and 13,285 sq. ft. of office space. NRDP needed to add funding to its own substantial investment to proceed with development. In a market where traditional lenders are turning down even the most qualified borrowers or holding up loans through long application periods, NRDP wanted to close a transaction quickly so they could honor a purchase contract on deadline and move ahead with plans to establish an aesthetic and functional center fitting the Arizona landscape. Kennedy Funding was able to close the loan in just 14 days.
“The reputation of NRDP’s principals precedes them,” says Jeffrey Wolfer, President and Co-CEO of Kennedy Funding. “They have been involved in some of the southwest’s most prestigious commercial enterprises which often are tenanted in the planning or preconstruction phases and Ironwood Festival is no exception. We are very comfortable working with such professionals.”
NRDP presented the 13.95-acre, level and undisturbed building site as collateral. Surrounding road improvements and traffic signals have been completed, facilitating access from nearby residential and commercial communities, and storm drains and sewers are in place. Retail establishments already have committed to the complex, including a national pharmacy chain, a prominent financial institution, and a supermarket. Smaller retailers will be able to lease in a 7,200 sq. ft. one-story building. Considering the desirability and continuing viability of North Scottsdale, the developers are confident that the attractive office space will entice businesses to rent. NRDP will house offices there in the same building as Tutor Time, a nationwide child care and learning center. NRDP anticipates site completion within nine months of initiation, with simultaneous build-out slated for three months after that – by October 2009.
NRDP indicates that buildings could be leased to single or multiple tenants; the site also allows for buyers to build their own buildings according to approved architectural plans.
“We were looking for a loan with a quick close and realistic expectations,” says Trent Schelkopf, president of NRDP,” and that led us to Kennedy Funding. “They moved along the time line that they promised and we will be more than willing to work with them in the future and to recommend them.”
The NRDP loan was one of three loans closed by Kennedy Funding in a two-day period. The other two were an $8.8 million loan to MerueloMaddux, one of Los Angeles’s largest industrial developers, and a $7 million loan to Flushing, NY, developer Bownetree, LLC. Two months ago, the company closed four loans totaling almost $40 million in a single day.
Borrowers who recognize the benefits of direct lending have been turning to Kennedy Funding for a more personalized approach to providing financial solutions for over 20 years and the current lending environment has increased the number of applications significantly.
“We have not changed our hands-on approach,” notes Wolfer. “We still require the same strong qualifications in borrowers but where these borrowers previously would have no difficulty looking to their own banks for money, they are blocked or delayed. At Kennedy, we often can close on a loan in days owing to our large network of evaluators in the field.” Kennedy’s borrower roster has grown to include clients throughout the Americas, Europe, the Caribbean, and beyond.
The company can fund up to 65% loan-to-value and has closed on deals for projects including retail centers, major office complexes, luxury high rise condominium complexes, residential-recreational communities, and resorts. Available financing ranges from $1 million to over $100 million, with rates as low as 10% and 3 points. The company’s expert team has dealt with bankruptcies, workouts, refinancing, and foreclosures.
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$8.7 million loan from Kennedy Funding helps fund largest commercial development of its type in South Carolina history |
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Tennis legend Andre Agassi joins Kennedy Funding in the fight against breast cancer. |
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Despite a sinking market, Kennedy Funding's $1.321 million loan keeps residential project rising in New Hampshire mountains |
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Kennedy Funding closes multi-million-dollar raw land loan for Texas developer |
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Bryan Clay, Olympic decathlon gold medalist, teams up with Kennedy Funding |
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Kennedy Funding closes $5 million loan on landmark NYC residential tower. |
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Kennedy Funding Closes Three Loans in Two Days
$27.35 Million Spurs Projects Spanning the Country |
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Kennedy Funding’s $7 Million Loan Moves Bownetree’s Queens Apartments Toward Completion |
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Kennedy Funding Closes $11.5 Million Loan to National Retail Development Partners |
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Texas Venture Draws $12.5 Million Loan from Kennedy Funding |
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Kennedy Funding’s $1.5 Million Deal is Third Loan to Same Client in Just Nine Months |
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Kennedy Funding Expands International Presence With Virgin Island Loan Wintdots of St. Thomas Using $6.5 Million to Develop 'Green' Community |
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Kennedy Funding Closes Four Loans in One Day
Almost $40 Million in Domestic and Offshore Aid for Land Development and Restructuring |
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$9.2 Million Loan from Kennedy Funding Gives Georgia Developer Just What He Needs to Stay in the Black and Stay on Track |
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Kennedy Funding’s $15 Million Loan Deals Winning Hand to Developer’s Plans
for Casino Complex in Biloxi, Mississippi |
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Kennedy Funding Closes $3.9 Million Loan So Delaware Family
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Kennedy Funding’s Timely Loan Lets Ohio Developer Start Building Perfect Community for Single-Family Residents |
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Kennedy Funding Buys Loan for $1.55 Million & Buys Borrower Two Years |
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Superstar John McEnroe to Highlight The Kennedy Funding Invitational
Tennis Tournament, July 9–13, 2008
Sponsorship Proceeds Will Benefit The Leslie Simon Breast Care Center at Englewood Hospital, and Nyack Hospital |
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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
10 Days
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 |
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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 |
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Kennedy
Funding's $5.2 million loan paid back by borrower in record
time |
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Kennedy
Funding loans $6.6 million to developer of Florida beachfront
condos |
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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) |
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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 |
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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 |
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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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