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Kennedy Funding
Lends $18 Million to Developers of Next 'Sun Valley'
Tamarack Resort Developing First New Ski
Area in 22 Years
HACKENSACK,
N.J., Nov. 26 — The first major new four-season ski resort
to be developed in 22 years is being developed in Donnelly, Idaho
by Tamarack Resort with the help of an $18 million loan from Kennedy
Funding, a direct private lender based in Hackensack, NJ that specializes
in commercial real estate, resort, and golf course financing.
Located some 90 miles north of Boise, Tamarack Resort encompasses
a master-planned, state of the art all-season ski resort and residential
community being developed on 3,600 acres of private and state property
along the shores of Lake Cascade.
"This is clearly the next Sun Valley," says Jeffrey Wolfer,
president of Kennedy Funding. "Tamarack sits on a premium site
and offers a world-class ski mountain with a Nordic ski trail system
totaling 65 miles; a beautiful lake that will serve as a center
of a wide range of water-related recreational activities served
by a first-class marina; and three golf courses, one 9-hole par
three executive course and two 18-hole courses with the first courses
being a 7,000-yard Robert Trent Jones II signature course."
The master plan for Tamarack Resort includes 2,043 residential units
consisting of hotel rooms, lodges, condos, single-family homes,
timeshare units and townhomes, many of which will be designed for
ski in, ski out access. Some 300,000 square feet of commercial space
is planned with restaurants, stores, shops, and hotels along a 1,400-foot
outside mall all done in a Village motif.
Additional features include competition bike trails, hiking trails,
and ski trails to accommodate all levels of skiers. The latest ski
lift systems will be used and are capable of transporting more than
7,000 skiers per hour.
Tamarack Resort has already had a profound effect on the area's
recreation and tourism business. The resort has won the support
of Idaho Governor Dirk Kempthorne and received a 49-year lease on
contiguous state land from the Idaho Land Board. Two prominent business
leaders lead the development team: Tamarack CEO Jean-Pierre Boespflug,
and Tamarack Chairman Alfredo Miguel who have personally committed
$60 million to the project.
" Tamarack is, perhaps, the best site in America left for resort
development," says CEO Jean-Pierre Boespflug. "It will
be located near the Frank Church wilderness area, which is 5 times
that size of Yellowstone and will offer every conceivable recreational
activity. In addition, the area offers the perfect climate —
more snow in the winter than most resorts and average summer temperatures
of 75 degrees."
Kennedy Funding's multimillion-dollar investment in Tamarack comes
at a critical phase in the project's development.
" The first phase involving the development of the project's
infrastructure is probably the most capital-intensive phase in the
whole process," says Wolfer.
With nearly twenty years of experience as a direct private lender,
Kennedy Funding has witnessed countless startup phases of massive
real estate and business enterprises and guided its clients through
complex loan processes.
The company has a strong reputation for its lending expertise and
ability to devise innovative strategies to deal with commercial
property workouts, foreclosures, acquisitions, refinancing, bankruptcies
and related situations. Kennedy's staff of veteran financial experts
excels at addressing multifaceted loan transactions and assessing
complex risk scenarios.
" Kennedy Funding was very fast, very responsive and very thorough,"
adds Boespflug. "They understood the entire project from the
ground up."
According to Wolfer, traditional lenders are too caught up in red
tape that delays the loan process. This process, he says, ignores
the borrower's needs and the time-sensitive reality of most business
transactions done today.
" What sets us apart from other lenders is that Kennedy Funding
can move the deal through the process quickly and efficiently regardless
of complications or risk factors traditional lenders shy away from,"
says Wolfer.
Kennedy Funding has been a key source of funds in numerous world-class
resorts such as the Quintero Golf Community in Phoenix and a number
of other notable resort and mixed-use communities throughout the
country. The firm has also provided a multimillion-dollar loan to
leading golf course development firm Senior Tour Players.
Known nationally and internationally as a resourceful, key lender
for commercial real estate projects of every type, Kennedy branched
out beyond its national service area into commercial loans in the
international arena in the mid-1990s.
In addition, Kennedy has expanded its lending scope to include enterprises
across a wide variety of industry categories, including: commercial
real estate, resorts and lodging, golf course development, sports
complexes, media (TV and radio stations), retail, airlines, and
a diverse range of business enterprises.
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Million loan from Kennedy Funding delivered in record time
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Resort to Rise on Sandy Beach in Puerto Rico, Thanks
to Loan From Private Lender Kennedy Funding |
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Million Loan From Kennedy Funding Helps Developer Bring
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Club with Golf Course Coming to Maine with Help of $3.4
Million Loan From Kennedy Funding |
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meet steamrollers as Kennedy Funding loans $18.5 million
for major development on Las Vegas strip |
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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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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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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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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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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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