HACKENSACK, NJ, March 3, 2004 — A new residential community to go up opposite Keystone Resort, one of the largest ski resorts in North America, is in the works thanks to a $1.5 million loan from Kennedy Funding, a direct private lender based in Hackensack.

“ This is our second ski resort-related development deal this year,” says Kevin Wolfer, Partner of Kennedy Funding. “Earlier this year, we issued an $18 million loan to Tamarack Resort in Idaho which is being touted as the next Sun Valley. The Woody Creek residential project planned for Keystone, Colorado holds tremendous potential due to its prime location adjacent to one of the country’s foremost ski resorts owned and managed by Vail Resorts, Inc.”

According to Dave Byard, principal of Beaver Brook Holdings, LLC and developer of Woody Creek, the proposed community will feature some 30 townhouse units ranging from 1,053 square feet to 2,568 square feet and will be three stories high. The townhomes will be developed as 22 duplex units, 6 triplex units and there will be one single family home on the 14.7-acre site. The tract sits on the north side of US Highway 6 directly across from Keystone Resort’s ski slopes.

The proposed Woody Creek community will be located in Summit County, Colorado about twenty minutes north of Breckinridge and an hour and a half west of Denver via Interstate 70.
“ Kennedy Funding’s loan has made it possible for us to purchase this property and move forward with our plans,” says Dave Byard. “Their fee structure is very competitive and the Wolfers (Kennedy principals), made it very easy to do business with them.

“We’re very excited. The property offers a great location –directly across from the mountains w/unobstructed views and is surrounded by a natural forest and a wetland preserve. And the units, themselves, are much larger than typical size units.”

Woody Creek will be in close proximity to four major ski resorts and towns that comprise this popular region of Colorado, including Keystone Resort, Breckinridge, Copper Mountain and Arapaho Basin. The community’s closeness to Denver also places it in a highly desirable market.

“The market for the Keystone Resort area has been steadily recovering from its downturn following the NASDAQ crash of 2000, and has shown strong indicators recently,” says Wolfer. “We base our loan decisions on in-depth research and due diligence to find the most viable markets for the ventures we invest in.”

Among commercial real estate lenders, Kennedy Funding has amassed a strong track record over its twenty-year history. The company is viewed as one of the leading direct lenders with a national reputation for its lending and loan management expertise. Kennedy is active in both national and international markets and funds loans secured by commercial real estate and for commercial business ventures.

The company’s strength is its ability to think outside the box to develop strategies to deal with commercial property workouts, foreclosures, acquisitions, refinancing, bankruptcies and related scenarios. Kennedy’s veteran financial experts have in-depth experience managing complex loan transactions, assessing and managing risk, and resolving a wide range of issues that can accompany loan transactions.

“ We’re known for being able to turn around loan decisions and commitments in 24 hours says Wolfer. “But that tells only half the story. What makes us unique is the scope of investment resources we can put together quickly and our commitment to guiding our borrowers through the process to ensure the success of their venture. We see ourselves as partners of our clients and support them fully in their endeavors.”

Kennedy’s sensitivity to the time and market constraints faced by borrowers led it to develop a highly efficient loan process that avoids the red tape and delays of traditional lenders. Clients of Kennedy Funding are thus able to meet the deadlines imposed on them and ensure the success of their projects. Their customers also have the ability, in real-time, to take advantage of competitive opportunities in the marketplace.

Since its early days as a commercial real estate lender, Kennedy has expanded its scope to fund business opportunities across diverse industries, including: commercial real estate, resorts and lodging, golf course development, amusement parks, sports complexes, TV and radio stations, retail facilities, airlines, and others. On short notice, the company can fund anything from small loans of $1 million up to $300 million.