Caribbean360.com
CASTRIES, St Lucia, April 8, 2010 – After more than 20 years in planning, exclusive St Lucian luxury residential community the Jalousie Enclave looks set to receive the much needed funding to bring the project to completion. Kennedy Funding, a New Jersey-based commercial real estate lender, announced this week that it has closed a multi-million [...]

One of the most exclusive and luxurious property developments in St. Lucia is one step closer to full development, as the property developer just closed a multi-million loan from one of the US largest direct private lenders.

Hackensack, NJ. (April 5, 2010) – Kennedy Funding, Inc. today announced that it closed a multi-million dollar luxury residential development loan to M Group Resorts S.A. / Exquisite Caribbean Resorts d/b/a The Jalousie Enclave. The loan is to finance the construction of the Jalousie Enclave, that will be an extension of the famous $40 million Jalousie Plantation – also built by M Group – in St. Lucia, West Indies. Financed by direct private lender Kennedy Funding, the loan will provide working capital to complete the Jalousie Enclave and to commence construction of infrastructure improvements.

HACKENSACK, N.J., September 9, 2009 — With nearly 200 lots and units spread across nine properties outside Detroit, Michigan, Michael A. Chirco of MJC Land Investments, LLC needed working capital. The problem, it seemed, was that no one was closing commercial loans in Michigan—especially on land-based deals. The answer he needed was more than 500 miles to the east.

HACKENSACK, NJ/NEW CITY, NY, August 18, 2009 —Most lenders are scrambling for business. Many are fighting just to remain in business. Yet for months, the team at Kennedy Funding has been working day and night for one of its nearest and dearest clients—The Kennedy Funding Invitational charity tennis tournament to fight breast cancer.

HACKENSACK, NEW JERSEY, June 3, 2009 — Kennedy Funding, America’s leading direct private lender, is pleased to announce it has closed a $1 million loan to the Sims Family Limited Partnership. The loan will be used as working capital for a used car dealership and service center located on the 5.67-acre property in Broadview, Ohio. The 28,209-square foot facility is owned by Andy Sims Buick, Inc. “The automotive industry is down overall. In particular, the market is shrinking for new car dealerships right now. But the demand is increasing for used cars and consumers will continue to need parts and service for used cars. Great potential exists in that niche of the industry,” notes Jeffrey Wolfer, President & Co-CEO of Kennedy Funding, Inc. “But too many lenders don’t look that far — they simply see numbers that don’t meet certain criteria and an industry that’s on the decline. We look much closer, comparing similar properties in the area and examining the future potential and the possibilities of the surrounding area. We believe the borrower has a strong plan and we were able to close the loan quickly.”

Legendary tennis great will appear in Cole Schotz Celebrity Match
at The Kennedy Funding Invitational on July 12

NEW CITY, NEW YORK, May 21, 2009 —Tennis legend Andre Agassi, a favorite among fans and players throughout his 20+ year career, will appear at The Kennedy Funding Invitational, a charity tennis tournament to raise awareness and funding to fight breast cancer. The fourth annual event will be held July 8-12 at Dellwood Country Club in New City, NY. In addition to Men’s and Women’s tournaments, the Cole Schotz Celebrity Match has become a highlight of the annual festivities. The Celebrity Match will be on Sunday, July 12 at 4:00 pm.

Leading direct private lender closes over $199 million in loans

HACKENSACK, NEW JERSEY, April 28, 2009 —While gloom, despair and the downfall of large lending institutions were capturing the lion’s share of media attention, the triumphs of Kennedy Funding steadily continued. During a period that saw many competitors close their doors, Kennedy quickly closed over $199 million in commercial loans, many of which were to return clients, back for their second or third loan from the nation’s leading direct private lender.

Kennedy’s loans continue to span a range of sizes and types. One of the few lenders that will even consider raw land loans, Kennedy’s recent deals also involved traditional land acquisition and development, as well as projects in multifamily residential, retail, office, hospitality and industrial development.

HACKENSACK, NEW JERSEY, February 19, 2009 — Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a $8,700,000 loan to Weber USA Corporation of North Charleston, South Carolina. The loan is being used for working capital and to refinance present debt on the largest commercial development of its type ever in South Carolina—a 658.89-acre, $750,000,000 joint venture project that will span over 20 years. Joining Weber USA on this mammoth project is Weiser Ingleside, LLC.

Situated within the city limits of North Charleston, the 658.89 acres are made up of three tracts, two of which are contiguous. Zoning designations on the property vary, ranging from single-family and multi-family residential to commercial and light manufacturing. Roads that will enable improved accessibility to the property have not been completed by the city as scheduled, prompting a re-evaluation of the land.

4th annual Kennedy Funding Invitational to be held July 8-12 at Dellwood Country Club in New City, NY

HACKENSACK, NJ — Passion and commitment have not only made Kennedy Funding the nation’s leading direct private lender, they’ve also helped the charity tennis tournament we began four years ago become one of the premier events of its kind.

The Kennedy Funding Invitational combines the excitement and competition of world-class tennis with the fight against breast cancer. Each summer, tennis professionals and fans gather, with the goal of improving the diagnostic capabilities and care at two outstanding breast care centers in Englewood, NJ and Nyack, NY. Now in its fourth year, the event will again be held at Dellwood Country Club in New City, NY between July 8-12 and promises to be even bigger and better than ever.

In addition to outstanding competition, the celebrity exhibition match has become a traditional highlight of the five-day event. Past participants have included former champions Pete Sampras and John McEnroe. This year, we’re proud to have one of the all time greats, Andre Agassi join the cause, playing in the exhibition match and appearing at various events throughout the tournament.

HACKENSACK, NEW JERSEY - January 20, 2009 — Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a $820,000 loan to Oracle Business Development, LLC. The loan will enable the owner to purchase a 1.03-acre site (zoned for light industrial), and an existing 5,400-square foot main building (that houses a vacant machine shop and four other active businesses) on the island of St. Croix in the United States Virgin Islands. The site itself, plus a nearby 1.29-acre residential property, is being used as collateral.

Like most real estate markets, property values in St. Croix have declined.
The occupied industrial building is leased, but the current terms are only short-term. The largest section of the building, the machine shop, is not currently rented. Needless to say, banks were not eager to close on this
loan with its current lease structure and vacancies.

The developer knew that the best chance was with Kennedy Funding. After carefully evaluating the property, the surrounding area and economy, and the prospects for the future, Kennedy committed to the loan and expedited the loan process.

CITY OF LAKE FOREST, HACKENSACK, NEW JERSEY— Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed $1,321,000 loan to Kill Mountain Realty, LLC. The loan will enable the developer to continue work on 48.5-acres of land that is part of a 200-acre Phase III development in Hebron, New Hampshire. The 48.5 acres are planned for 17 residential condominium lots. The developer plans to refinance present debt and complete the lots by installing power lines and completing the roadways.

Set on a picturesque New Hampshire mountainside, the property offers a bucolic setting and magnificent views of Newfound Lake in nearby Grafton. Plans had been progressing nicely, until the current financial crisis changed the real estate market.

The developer looked to Kennedy Funding to assist their progress. Kennedy needed to reevaluate the land, even though a complete evaluation had been done just three months earlier. All aspects involved had to be reconsidered in order to get an accurate value of the property and a valid analysis of the current situation.

CITY OF LAKE FOREST, CA, December 2, 2008 — Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a loan for $3,614,000 to Rancho Portola Investments, LLC. The loan is to help the developer continue work on a much-talked-about residential project in the City of Lake Forest in Orange County, California. The area is centrally located between Los Angeles and San Diego. When complete, the development would encompass a total of nearly 230 acres and would offer between 600 and 626 residential units and 30,000-40,000 sf of commercial space.

Everyone involved with the property and the project had to wait out the lengthy, drawn-out zoning, approval and permit processes. Finally, when it was determined that the nearby airport was to be decommissioned and the adjacent properties would be approved for residential use, the waiting was over.

At that point, capital was the problem, and in a slow market, securing a commercial mortgage with only the raw land as collateral is no easy task. Unless you call Kennedy Funding.

In a market where closed loans are rare, Kennedy comes through quickly.

LAKE HILLS, TEXAS, November 6, 2008 — In one of the most difficult lending markets in history, Kennedy Funding continues to not only close loans, but continues to close raw land loans. Case in point: Kennedy’s recent multi-million-dollar working capital loan to JMJJ, LLC for their planned lakefront, gated golf course community, Medina Lake Estates. The 607.58-acre property, located approximately 25 miles northwest of San Antonio, includes lakefront acreage on Lake Medina.

Across the nation, everyone is aware of the downturn of both the real estate and credit markets. Strong buyers with excellent credit can find it difficult to secure financing for partially completed projects in prime locations. Raw land loans, secured only by undeveloped property are all but unheard of. This quickly became evident to developer JMJJ, LLC as they sought funding to keep the Medina Lake Estates project moving along on schedule.

In the midst of the nation’s worst credit crisis, the Hackensack, NJ lender closes loan for space in 60-story condo tower overlooking Biscayne Bay

MIAMI, FL., October 20, 2008 - Kennedy Funding, one of the nation’s largest direct private lenders, has closed a $10.14 million loan to 888 Biscayne Enterprises, LLC. The loan is for the acquisition of the four-story commercial space in the recently completed Marina Blue Condominium building overlooking Biscayne Bay at 888 Biscayne Boulevard in Miami, Florida. The unfinished commercial space is comprised of four stories (three floors plus one mezzanine) and totals 44,000 square feet. Included with the commercial space are two terraces for outdoor seating and 185 dedicated parking spaces (50 more than required for the space) in the condominium building’s multi-level garage.

HACKENSACK, N.J., October 09 — The Blackwell Human Services Campus in Philadelphia, Pennsylvania had been instrumental in providing humane treatment for some of society’s most disenfranchised individuals, the mentally ill, since the 19th century. The organization was originally known as Kirkbride Center, after Dr. Thomas Story Kirkbride, who designed the original 1840 building, served as the Center’s Administrator/Medical Director, and became renowned for championing mental health therapy. Thanks to his guidance over the years, the Center developed a reputation for innovation in the clinical and psychological arenas. And although much has changed since its founding, the institution has never strayed from its mission to provide compassionate care to people struggling with mental illness.

Today, its campus situated in peacefully rural surroundings, Blackwell provides care to people suffering from depression, schizophrenia, alcoholism, and drug addiction. Sadly, however, all was not well with Blackwell itself, and they urgently needed help in the summer of 2007.

HACKENSACK, N.J., October 03 — It was the vision of developer Costa Blanca II that the Tierra del Sol resort community in Orlando, Florida be designed as an exercise in luxury living. Set on 120 acres, the development would offer 540 townhome units, 432 condominium units, an expansive clubhouse with virtually every conceivable amenity, and panoramic views toward nearby Walt Disney World and the surrounding countryside. But thepièce de résistance would be one of Florida’s largest water complexes, featuring a wave pool, Flowrider surfing pool, lazy river, swimming pools, water slides, secluded spas, and a four-story children’s water park. The community was to be nothing less than a Mediterranean jewel set amidst a tropical garden.

If, that is, Costa Blanca II could find a lender to give them a development loan. They wanted to put up 38 acres on the east side of the property as collateral and, of course, they wanted the loan to close quickly – the faster they closed, the faster they could build. Such a loan wasn’t so easy to locate, however, as the majority of lenders were tending to bow out of the Florida land market entirely. Plans could have come to a screeching halt . . . had they not found Kennedy Funding.

‘World’s greatest athlete’ joins forces with America’s leading private lender on promotional campaign

HACKENSACK, NJ, September 23, 2008 — American hero Bryan Clay, decathlon gold medalist from the 2008 Olympic Games in Beijing, will appear in advertising and promotions for Kennedy Funding of Hackensack, NJ, the nation’s leading direct private lender.

Specifics regarding the campaign or its planned media schedule have not yet been announced, but an initial photo shoot recently took place with Clay at Delbarton High School, a private academy in northern New Jersey. Flying in from a busy schedule of appearances that included the Republican National Convention and ringing the closing bell at the New York Stock Exchange, Clay worked with the team from Results Advertising of Hasbrouck Heights, NJ, advertising agency for Kennedy Funding before he took time out from posing to speak with the students of Delbarton.

NEW YORK, NY, September 3, 2008 — Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a $5 million loan to 24 East 23rd Commercial, LLC. The loan is to help the developer continue work on a much-talked-about luxury residential project in the Flatiron district of Manhattan. With a dramatic 60-story high-end condominium tower, One Madison Park, already under construction, the developer needed funding for development costs for 23 East 22nd Street, yet another luxury condominium tower to be built directly behind One Madison Park.

Though not yet complete, the building has drawn a tremendous amount of attention in the press because of its size, unique design and highly desirable location facing Madison Square Park.

$27.35 Million Spurs Projects Spanning the Country

Hackensack, NJ, August 11, 2008 – In an economic environment where borrowers face increasing difficulty obtaining working capital from traditional lenders, Hackensack-based Kennedy Funding, Inc., closed three loans totaling over $27 million in two days. The direct lending organization, well known for expediency in issuing commitments and closing, provided funds to an Arizona mixed-use developer for a major retail/office center, to a publicly traded commercial building and management company in the Los Angeles area, and to a New York developer for residential build-outs.

The $11.5 million Arizona loan went to National Retail Development Partners (NRDP), for site development and construction of Ironwood Festival in prestigious Scottsdale. The complex will comprise 81,000 sq. ft. of retail space and over 31,000 sq. feet of offices in one of the Southwest’s fastest-growing areas. According to NRDP principals, the company was looking to close a transaction quickly to honor a purchasing contract on deadline and to move ahead with plans for putting up buildings to fit the Arizona landscape.

Flushing, New York - July 28, 2008 - Kennedy Funding, one of the nation’s largest direct private lenders announced that it has closed a $7 million loan to the New York development company Bownetree, LLC for completion of residential properties in Flushing, Queens. Bownetree’s Sam Suzuki plans to use the funds to complete build-out of an 8,800 sq. ft. parcel comprising five attached low-rise rental buildings, each with five two-bedroom units.

Finishing the interior structure of the buildings mandated an expedited loan and considering the lag time usually associated with conventional lenders, Bownetree turned to Kennedy Funding and was able to close within weeks.

“The Bownetree loan gives us an opportunity to help further development in the New York metropolitan area,” says Jeffrey Wolfer, Kennedy Funding President and Co-CEO. “Queens traditionally has attracted a wide variety of residents and professional establishments and the Bownetree apartments show potential of being an important part of the residential landscape. The buildings are up and near completion and represent solid value and a stable lending risk.”

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.

Chicago, Illinois, June 23, 2008 – A spectacular high rise residential condominium – Catalyst – will be taking shape in Chicago’s West Loop, thanks to an $8.36 million loan from Kennedy Funding, Inc. The Hackensack-based company recently closed that deal with Catalyst 123, LLC’s Gary A. Rosenberg, a well-known Chicago developer who founded Urban R2, the site purchaser.

Rosenberg contracted with renowned architect Lucien Lagrange to create a building with dramatic angles and distinctive colorful exterior. Once built, Catalyst will offer 217 residential units from the fifth to the 21st level, a three-level, enclosed parking garage with 225 spaces, and more than 15,000 sq. ft. of ground-level retail space. The 22nd floor will house a patio, party room, meeting room, exercise facility and more amenities — including a massage therapy room, sauna, and Jacuzzi — to appeal to the ever-growing population choosing the downtown lifestyle. The pet-friendly Catalyst also offers an indoor dog run. With its prevalent loft buildings The West Loop of Chicago is fast becoming the Midwest counterpart of New York’s Soho, with galleries, restaurants, and clubs. The area is accessible from every point in the city by car, bus, train or subway.

“Gary Rosenberg’s reputation as a seasoned real estate professional and quality developer precedes him, and the location, just minutes from the city’s central commerce area make this the kind of urban venture that warrants funding,” says Jeffrey Wolfer, president and Co-CEO of Kennedy Funding.

Austin Area Ripe for Development

Hackensack, NJ, June 16, 2008 – Consistent with its reputation for making substantial loans to borrowers throughout the United States, Hackensack-based Kennedy Funding, Inc. announces the closing of a $12.5 million loan to Potranco Limited, LP, a Texas development partnership of Alex Chambers, president and CEO of Blackhawk Development, Austin, and Chip Field.

Potranco will use the loan toward purchasing a 173.56 land tract in Bexar County, TX, in a rapidly developing area that is actually within the jurisdiction of San Antonio. The area – referred to as the “donut hole,” and previously held by the State of Texas General Land Office – had previously been sold at auction but Potranco was able to secure the option when the original purchase fell through.

“This was an excellent turn of events for Potranco in the economic sense,” says Jeffrey Wolfer, president and Co-CEO of Kennedy Funding. “This specific parcel is in the middle of an area with open zoning and just perfect for the kind of mixed-use development that the company envisions. “

Hackensack, NJ, June 03, 2008 – Imagine a collection of retreat homes on one to five acres waiting to be built in a North Carolina mountain-ridge setting. Imagine the frustration of developers waiting for a loan from traditional lenders in order to make this a reality. That is what increasingly faces today’s building sector and that is why High Grove Development Group, LLC (Legasus Properties, LLC), turned to Hackensack’s direct lender Kennedy Funding, Inc. for borrowing needs.

Kennedy recently closed on a $9.54 million loan to High Grove whose principals are Robert A. Corliss and Theodore C. Morlok. Based in North Carolina, High Grove plans a 500-acre upscale community – High Grove Estates – at the foothills of the fabled Great Smokey Mountain range. They needed a loan in a short amount of time to proceed with work on 91 lots in the first phase of the development that will set the stage for another 85 lots to be developed eventually. The good news is that 13 of the first 91 homesites already have buyers. The difficult news was that the traditional loan was not forthcoming.

Kennedy was able to provide the funds in short order. On the same day as the High Grove closing, the same developers closed with Kennedy on a $20.5 million loan for their River Rock community 40 miles to the south in Cashiers, NC. Both communities are a short drive from major North Carolina cities and from Atlanta.

Hackensack, NJ, June 01, 2008 – MOA Hospitality, Inc. owns 33 national brand- affiliated, one- to three-star hotels across the United States, which it operates and/or leases to operators under lease/purchase programs. MOA’s focus is on limited service brands, including Best Western, Comfort Inn, Days Inn, Fairfield Inn and Suites, Howard Johnson, Microtel, Ramada Limited, [...]

Wintdots of St. Thomas Using $6.5 Million to Develop ‘Green’ Community

HACKENSACK, N.J., May 12, 2008 – High above Charlotte Amalie Harbor in St. Thomas, U.S. Virgin Islands, Wintdots Development, LLC is planning an 80-unit luxury community in five buildings. What makes Flagberry Hill unique is the developer’s commitment to the environment. The community will be the first in the region to be fully powered by wind and solar energy, according to Wintdots Principals Glenn and Dorothy Elskoe.

What Wintdots needed was a bridge loan to span the time until its traditional lender acted on second loan processing. What Wintdots really needed was a direct lender like Kennedy Funding, Inc., the Hackensack-based company known in the industry for its ability to accurately assess the viability of potential clients’ visions and to help put these visions on the map.

“What we saw in our evaluation that led to our decision to fund this company was a solid organization offering collateral in a vacation destination that could only appreciate in value,” says Jeffrey Wolfer, Kennedy Co-CEO. He says that the Elskoes collateralized their loan by combining almost 22 acres of raw property on which the community will stand in the island’s South Side District 4 with a commercial building they own in Charlotte District 1.

Almost $40 Million in Domestic and Offshore Aid for Land Development and Restructuring

Hackensack, NJ, May 5, 2008 – In a lending environment where securing a loan is increasingly out of reach for borrowers, April 16 proved momentous for Hackensack-based Kennedy Funding, Inc. The direct private lending company closed four loans that day, three for land development and one for financial restructuring, totaling almost $40 million.

North Carolina’s Legasus Properties LLC borrowed over $30 million for the development of two upscale Smoky Mountain communities. In St. Thomas, US Virgin Islands, Wintdots Development needed $6.5 million to create a vacation community overlooking the Charlotte Amalie harbor and the fourth loan, a $1.5 million restructuring deal went to MOA Properties LLC, a hospitality company with moderately priced accommodations.

Biloxi, Mississippi – Peter A. Simon of West D’Iberville Development, LLC had a dream. He’d had it for a very long time. And he had methodically gone about making it happen.

Simon scouted the Biloxi, Mississippi market for several years, looking for a site to build a casino complex. He knew the Gulf Coast region was perfect for such an establishment, and he was determined to become a part of it. Finally, after patiently but relentlessly pulling things together, he had assembled 36 individual parcels into one 16.3-acre plot. It was a water-view site on the north side of the Back Bay in D’Iberville, just 2.5 miles north of the heart of the casino action in Biloxi. It was worth waiting and working for. It was perfect. And, to top it off, he had gotten site approval from the Mississippi Gaming Commission to build his casino.

HACKENSACK, N.J., April 3, 2008 – Kennedy Funding, Inc., a leading direct private lender, has closed a $3.9 million loan to Mills Farm, LLC, of Delaware. The Mills Family, through Mills Farm, LLC, owns four individual tracts of farmland in Milford, Sussex, and Kent counties in Delaware, totaling 631.6 acres. One of the tracts is a working farm operated by the family, with a farmhouse, barn, accessory buildings, and grazing dairy cattle on 215 acres. The other three tracts are raw, undeveloped farmland, and one of them has entitlements for residences to be built.

HACKENSACK, N.J., April 2, 2008 – Kennedy Funding, Inc., a leading direct private lender, has purchased a loan to The Enclave at Bay Isles, LLC in Longboat Key, Florida. The Enclave at Bay Isles, LLC had purchased a 3.78-acre piece of land which had an enormous amount of potential. The land was vacant and adjacent to an existing shopping center containing a Publix Supermarket and CVS Center, among other businesses. The Enclave had several options, including developing the land into a mixed-use parcel, improving and selling the property to an interested buyer, or simply holding onto it and eventually selling it when the appreciation had reached an acceptable level.

Hackensack, New Jersey – Jeff Johnson of Extra Land Co., LLC owned a piece of land free and clear. It was 31.76 acres in Obetz, Ohio, a southeastern Columbus suburb. The land itself was vacant, with a slight gradient down to the road, and covered mostly in tall, waving grasses. It was, in Johnson’s mind, just waiting for something. And he believed he knew exactly what that was.

Sponsorship Proceeds Will Benefit The Leslie Simon Breast Care Center at Englewood Hospital, and Nyack Hospital
HACKENSACK, N.J., February 13, 2008 – John McEnroe, former World No. 1 player, will make his highly anticipated debut in The Kennedy Funding Invitational for 2008, July 9 – 13. The Kennedy Funding Invitational is a benefit tournament for two [...]

HACKENSACK, N.J., January 10 — Nearly everyone who’s been there loves Hawaii. It doesn’t matter which islands you visit — Ni’ihau, Maui, Moloka’i, Kaua’i, O’ahu, Lana’i, Kaho’olawe, or the Big Island — there’s something beautiful and appealing about each one. Even people who haven’t yet visited would like to some day, and experience firsthand the [...]

HACKENSACK, N.J., November 06 — In a secluded valley just 35 miles west
of Vail, Colorado, there are acres of lush pastures, spectacular scenery, and rich history — perfect for an exclusive gated community. Here can be found abundant wildlife, perennial sunshine, crystal-clear streams, limpid sapphire lakes, mild winters, and trails through the surrounding wilderness that provide an irresistible attraction to people who enjoy the great outdoors, and who wish to live amongst them. And that opportunity was exactly what Russ Hatle and Jim Higgins of Clearwater Development, Inc., wanted to provide.

HACKENSACK, N.J., October 09 — The Blackwell Human Services Campus in Philadelphia, Pennsylvania had been instrumental in providing humane treatment for some of society’s most disenfranchised individuals, the mentally ill, since the 19th century. The organization was originally known as Kirkbride Center, after Dr. Thomas Story Kirkbride, who designed the original 1840 building, served as the Center’s Administrator/Medical Director, and became renowned for championing mental health therapy. Thanks to his guidance over the years, the Center developed a reputation for innovation in the clinical and psychological arenas. And although much has changed since its founding, the institution has never strayed from its mission to provide compassionate care to people struggling with mental illness.

HACKENSACK, N.J., October 03 — It was the vision of developer Costa Blanca II that the Tierra del Sol resort community in Orlando, Florida be designed as an exercise in luxury living. Set on 120 acres, the development would offer 540 townhome units, 432 condominium units, an expansive clubhouse with virtually every conceivable amenity, and panoramic views toward nearby Walt Disney World and the surrounding countryside. But the pièce de résistance would be one of Florida’s largest water complexes, featuring a wave pool, Flowrider surfing pool, lazy river, swimming pools, water slides, secluded spas, and a four-story children’s water park. The community was to be nothing less than a Mediterranean jewel set amidst a tropical garden.

HACKENSACK, N.J., September 26 — James Fales of Braffits Creek Estates, LLC couldn’t stop thinking about a certain Utah resort: his. Or, rather, the one he wanted very much to build. He had purchased 2,654 acres of land on Cedar Mountain in Iron County, approximately ten miles west of the popular Brian Head Ski Resort near Cedar City, and he wanted his project to be better in every way.

The land itself is beautifully mountainous, in the heart of Southern Utah’s Color Country, with elevations reaching above 9,000 feet, and spectacular, panoramic views. It would be perfect for Fales’ all-season resort, which would feature a residential community with a retail, restaurant, and entertainment core. The master-planned community was envisioned with a flagged hotel, holistic spa, and an 18-hole, master-designed golf course.

Loan Helps Developer Build ‘Buffalo Bill’ Hotel near Yellowstone
HACKENSACK, N.J., September 17 — MOA Hospitality, Inc., a nationwide hotel owner and operator, owned a 7+-acre tract of land in the town of Cody, Wyoming, very close to Yellowstone National Park. At first, they had considered selling the property but, upon reflection, decided to develop the [...]

HACKENSACK, NJ, July 24, 2006 – Investor Daniel Lee of Speed Group, Inc. knows a great deal when he sees one. And when he saw the Falls Plaza Hotel in Niagara Falls, Ontario, Canada being sold at auction, he knew he wanted it. The 1.59-acre property includes a 113-room, 11-story tower hotel, a 32-room, two-story motel, and a 403-seat restaurant. Located on Ferry Street, the property paralleled the Niagara River. Lee’s plan was to either re-sell the property relatively quickly, invest in some refurbishing and cosmetic makeovers and then sell it, or complete the makeovers and operate it himself until it sold. In any event, all Lee needed was to locate and secure an acquisition loan to complete the deal and set things in motion.

HACKENSACK, N.J., July 24 — William Planes of Trinity Town Center, LLC knew a good thing when he saw it. What’s more, he had an excellent memory. And when he needed another good thing, he knew exactly where to find it.

In March of this year, Kennedy Funding had helped him out with a fast $13.5 million loan when another lender was unable to fund after months of excuses. The object of this attention was a 13.49-acre parcel that Planes’ company owned in the Trinity area of Pasco County, Florida. It was his plan to develop a mixed-use Retail and Office Complex with over 200,000 square feet of space in 15 buildings of one, two, and three stories. The project would be a destination lifestyle center, with restaurants, commercial and medical businesses, and 845 vehicle parking spots, many of which would be in a covered structure. The entire complex would combine a traditional look and a contemporary feel, with masonry construction and streets surfaced with pavers.

LAKE GENEVA, WIS., July 23 — George Wight of Wight Development Group owned several tracts of land in the city of Lake Geneva, Wisconsin, a popular resort area. The various tracts totaled 226 acres of gently rolling meadows and forest, and included the Hilmoor Golf Course. And Wight had a plan that would eventually culminate in Lake Geneva’s next great resort destination. Wight wanted to subdivide the property, setting aside a 5-acre parcel for commercial purposes, and redeveloping the remaining land into a breathtaking, exclusive residential golf community. As he envisioned it, the community would cluster around a new, completely redesigned and rebuilt Lohman golf course with a new, 10,000 square foot clubhouse that included a pro shop and restaurant.

As Traditional Lenders Shy Away from the Residential Market, Kennedy Shares Borrowers’ Vision & Steps in to Fill the Void

HACKENSACK, N.J., June 8 — A dream was coming true for an affiliate of YJR Realty, LLC. They were working on bringing a complicated development to fruition on waterfront property in Georgia, a development that would literally change the face of a town.

When completed, the project will be a large-scale waterfront resort and community, a ‘city within a city’, containing hundreds of residential units. There will be high-density, single-family homes in a town center setting, and retail businesses along a central boulevard. Several mid- and high-rise condominium buildings along the perimeters will total several hundred one, two, and three-bedroom units. The ‘city’ will also feature a lifestyle center with a clubhouse, themed pool area, tennis center, a condo hotel, restaurants and shops. A private boardwalk will run along the waterfront, and owners will be granted membership to a nearby golf club. The development will also have private beach clubs, a fitness center, and a spa.

HACKENSACK, N.J., May 7 — When Erik Wendt, CFO of Resort Development Group, LLC, needed additional funding for his newest Florida resort, he wasn’t quite sure where to turn. He was spearheading the refinancing of the project known as the Tierra Del Sol town home and condominium development just ten minutes south of Walt Disney World in Polk County, Florida.

The residential resort was being built on 120 acres, and was approved for 540 townhome units and 432 condominium units. In addition, the development was to feature several value-adding amenities, including a huge clubhouse with all the modern conveniences, large outdoor swimming pool, a water park complex, and retail shopping areas. All Wendt needed was a loan, and the dream could begin unfolding.

HACKENSACK, N.J., April 20 /PRNewswire/ — Less than two years after a $40 million loan from Kennedy Funding for a 214-acre land purchase just four miles from the main gate of Walt Disney World, Sham Maharaj of BVC Partners I, LLC was eager to do business again. This time, he was seeking another $30 million to pay off the original balance and finance improvements to the mixed-use property known as “Marbella,” which is northwest of Interstate 4 in Orange County, Florida.

In the months following the original loan, the developer sold off a 48.22- acre tract of the land to the Hilton Grand Vacation Company (Hilton Resorts) for $43.299 million, reducing the balance of their original loan to just over $10 million. Plans currently call for a variety of uses for the remaining land, which totals just under 166 acres. A combination of a proposed “town center” development, commercial/high-end retail, office, and condo/hotel/timeshare space will occupy the various lots within the land, which also includes the 51.6-acre Lake Ruby. The property is entitled as a Planned Development, which allows for 303,230 square feet of commercial space, 344,500 square feet of office space, 100 hotel units, 723 timeshare units and villas.

Hackensack, NJ, March 28, 2007 — William Planes’ company, Trinity Town Center, LLC, owned a 13.49-acre parcel of land in the Trinity area of Pasco County, Florida, and had obtained final subdivision approval and permitting for development of a mixed-use Retail and Office Complex. Everything
looked to be in order for Planes’ envisioned destination lifestyle center.

The development would be impressive when finished. It would have over 200,000 square feet of office and retail space in 15 buildings of one, two, and three stories. There would also be several restaurants, commercial and medical uses, along with 845 parking spaces, about half of which would be on the surface. The attractive complex would combine a traditional look and
a contemporary feel, with masonry construction and streets surfaced with pavers. And Planes wanted to get started, for a couple of compelling reasons.

Loan Helps Texas Developer Purchase Another Property Just in Time

Hackensack, NJ, March 05, 2007 — John M. Golden was in a predicament. Through his company, Golden Pointe, LLC, he wanted to purchase an attractive piece of property, and he needed a loan with which to do it. There was also a time element involved, which meant he had to close the deal fairly quickly. He just wasn’t quite sure how to go about it.

Then he had an idea. He already owned a waterfront tract of land on North Padre Island, in Corpus Christi, Texas. It was an enviable piece of property at the southern tip of the Corpus Christi Bay, just north of the Laguna Madre. Although the land was undeveloped, it had the potential of being turned into a commercial/retail project, or a mixed-use residential project, including a marina. What’s more, since Golden purchased it in 2003, the land had appreciated considerably, and he wanted to use it as collateral to close on his new acquisition. But who would lend him money, secured by raw land, for him to purchase another piece of property?

Loan Helps Texas Developer Purchase Another Property Just in Time

Hackensack, NJ, March 05, 2007 — John M. Golden was in a predicament. Through his company, Golden Pointe, LLC, he wanted to purchase an attractive piece of property, and he needed a loan with which to do it. There was also a time element involved, which meant he had to close the deal fairly quickly. He just wasn’t quite sure how to go about it. Then he had an idea. He already owned a waterfront tract of land on North Padre Island, in Corpus Christi, Texas. It was an enviable piece of property at the southern tip of the Corpus Christi Bay, just north of the Laguna Madre. Although the land was undeveloped, it had the potential of being turned into a commercial/retail project, or a mixed-use residential project, including a marina. What’s more, since Golden purchased it in 2003, the land had appreciated considerably, and he wanted to use it as collateral to close on his new acquisition. But who would lend him money, secured by raw land, for him to purchase another piece of property? When he met Kennedy Funding, he found out. Kennedy Funding is the industry’s leading direct private lender, and they are also the premier raw land loan experts.

Philadelphia, February 28, 2007 – Joseph F. Logue, Jr. of Churchill Residential Development, LP knew a piece of property with potential when he saw one. In particular, he was looking at a stretch of redevelopment real estate located along the banks of the Delaware River in Philadelphia, Pennsylvania. It was a 71-acre tract that had recently been rezoned from industrial to mixed use, and could be re-subdivided into three lots. One lot would be for commercial/retail with six buildings of two to eight stories each. A second lot would be residential with 1,700 residential units consisting of low-rise flats, brownstones, high-rise condominiums, and town homes, while the third lot would remain industrial.

Hackensack, NJ, February 21, 2007 – Kennedy Funding of Hackensack, NJ, the industry’s leading direct private lender, has closed a $7 million loan to HHH Nevada, LLC for land acquisition just off the Las Vegas “strip” in Clark County, Nevada.

After nearly two years of complications, time was running out. Conventional financing for the project — which was to include a boutique hotel and state-of-the-art theater — had fallen through and HHH Nevada, LLC was now under extreme pressure to close on a valuable piece of Las Vegas real estate … and they needed to do it fast. The seller had put an immovable deadline in place and there was no possibility of an extension. If they didn’t make the deal happen now, the opportunity could be gone forever. Other lenders stayed clear, but Kennedy Funding got to work. Meeting the deadline with time to spare, Kennedy was able to deliver a $7 million loan in just over a week.