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Hackensack
Lender Provides $7.1 Million Loan for Major Land Deal in Texas
The hallmark of today's loan market
is tight money. If money is available at all, approvals are painfully
slow. The options are few for the business person who is hard pressed
and needs funds in a hurry. Yet, for those willing to pay high rates,
there are some corporate lenders who will raise dollars for commercial
projects, foreclosures, bankruptcies and other types of creative
financing in a matter of days. One such lender, based in Hackensack,
NJ, is Kennedy Funding, Inc. The company's style of service is fast
and the cost is admittedly high.
A $7.1 million loan from Kennedy Funding, a direct private lending
firm based in Hackensack, will enable Pohl, Brown to move forward
in its planned acquisition of 446 state-owned acres in the Lakeline
Mall area of Austin near the intersection of FM 620 and
U.S. Highway 183. Pohl, Brown represents Madron Investments Ltd.,
a European corporation seeking to develop up to 11 million square
feet of apartments, hotel, industrial, and office properties.
Madron is purchasing the land from The Texas State Department of
Transportation for $18.3 million. To facilitate growth in the area,
the Texas Transportation Commission approved the extension of US
Highway 183 frontage roads all the way to FM 620, upgrading the
road from a four-lane undivided highway to a six-lane freeway.
The loan by Kennedy Funding, which has amassed a national reputation
for providing rapid turnaround on commercial loan requests of sizable
amounts, is collateralized by a 138-acre tract of land, known as
"the hog farm", at the intersection of Lake Creek Parkway
and FM 620 in the northwestern section of Austin, plus a lien on
a 607-acre parcel of land on US 183. The value of the properties
has been placed between $11 million and $14 million. "Given
the strength of Austin's real estate market and the prominence of
Pohl, Brown and Associates as one of the area's real estate firms
for the past 20 years, we're extremely confident in the success
of the Lakeline area's development," said Jeffrey Wolfer, President
of Kennedy Funding.
The Lakeline section of Austin is one of the state's leading growth
areas with occupancy rates of 97 percent for office, 98 percent
for retail, and 95 percent for multifamily housing. Extensive retail
and office development in the region includes a 200,000 square foot
Wal-Mart super center; a 1.1 million square foot DeBartolo shopping
center known as the Lakeline Mall; a planned six-story AmeriSuites
Hotel by Prime Hospitality Corp. adjacent to the Lakeline Plaza;
a 449,745 square foot shopping center anchored by the Home Depot
and Pet Smart; and two new buildings under construction by Motorola,
a 173,000 square foot office building, and a 58,000 square foot
Motorola University building. In addition, Trammell Crow is expected
to break ground in May on a 500,000 square foot research park near
US 183 just south of Madron's tract.
Pohl, Brown & Associates manages 46 limited partnerships that
own more than 5,000 acres in Williamson County, considered one of
the fastest-growing areas in the nation. The combined properties
are valued at more than $350 million.
As a private direct lender to commercial real estate projects nationwide,
we keep pretty close tabs on which areas are hottest," said
Steve Rogovich, a Kennedy Funding Associate, "and the studies
we used show Austin to be one of the top 50 metro areas for growth
with a strong job growth, a large high-tech presence, and a very
desirable lifestyle. Money magazine rated it the third best place
to live; the New York Times said it had the most highly educated
population among cities larger than 200,000; and Parents Magazine
named it the fourth cleanest city in the nation. That all adds up
to a strong development picture for now and the foreseeable future.
The complexity of the Lakeline land deal, involving multiple legal
entities in both private and public sector players, creates a kind
of situation Kennedy Funding excels at. With its extensive experience
in commercial real estate and ready access to large sources of capital,
Kennedy Funding can evaluate risks and opportunities accurately,
and rapidly obtain the information to make quick decisions on loans.
The firm is also highly skilled at devising innovative solutions
and strategies to provide borrowers who were unable to secure funding
from conventional lenders with capital necessary to continue with
or complete their projects.
Within the commercial real estate industry, the increased complexity
of securitization and competition for access to limited capital
resources has created a need for private lenders who can bypass
bureaucratic and regulatory red tape to make financial decisions
quickly. Kennedy excels at developing innovative financing tailored
to the needs of the borrower based on the circumstances and time
frame of the loan request. Kennedy specializes in real estate and
commercial property funding, including bank workouts, foreclosures,
bankruptcies (including D.I.P. Financing) and many other types of
creative financing. By recognizing the importance to developers
of being able to act quickly in response to market conditions and
providing financial mechanism to do so, Kennedy Funding has earned
a distinctive niche among private lenders. It's unique approach
to loan structuring, ability to quickly assemble teams of real estate
and legal experts, and its access to tremendous financial resources
from banks and investors, enables Kennedy to move more quickly than
traditional lenders while minimizing risk. The Pohl, Brown loan
transaction is typical of the deals Kennedy executes routinely.
This ability to move quickly has enabled Kennedy funding to grow
from a small firm with bank lines of credit totaling $4 million
to a company that can close multimillion dollar loans in just a
few days.
We differ from traditional financing sources because our senior
management is actively involved in the review of loans that other
lenders relegate to lower-level officers," added Wolfer.
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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
Doesn’t Have to Sell the Farm |
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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 |
|
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 |
|
$5.5
Million Acquisition Loan from Kennedy Funding Puts Michigan
Condos Back on Track |
|
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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