HACKENSACK, NJ, January 25, 2005 — Camden, New Jersey may have a reputation as a tough town with lots of economic and social difficulties, but private lender Kennedy Funding, of Hackensack, New Jersey, sees enough potential to make a significant loan to Nedmac Associates, Inc. Nedmac will receive $2.16 million dollars, to alleviate chapter 11 bankruptcy claims against a 5-story office building leased by the company from the City of Camden. About 5% of the loan will be used for concrete repairs and fire code compliance equipment.

The Parkade Building, on Market Street in downtown Camden, has office space totaling approximately 200,000 sq. ft., plus a parking area approximating 300,000 sq. ft. The County of Camden Probation Department and Family Court are the largest tenants, and while Nedmac has another 25 years on a lease for the building, the City of Camden has an option to purchase the leasehold at any time. The bridge loan from Kennedy Funding enables Nedmac to clear up the bankruptcy proceeding, related to real estate taxes, and to make necessary capital improvements to the building – plus, of course, maintain control of the property.

Jeffrey Wolfer, President of Kennedy Funding, added that a bankruptcy in Camden would be considered two strikes by traditional lenders. “But Kennedy Funding makes it a standard practice to look beyond the surface issues and really delve into the true business value of the property,” he explained. “We see an office building with 80% occupancy, a decent net operating income, and a dedicated management team. Loaning the funds to alleviate the immediate problems and allowing Nedmac to continue functioning as the primary leaseholder is a sound business decision.”

Jonathan Weiner, a Loan Officer with Kennedy Funding, remarked that “this loan was made on a ‘time is of the essence’ basis. Nedmac needed the funds on very short notice, and Kennedy specializes in quick evaluations and commitments, followed by timely delivery of funds. We were pleased to accomplish this transaction within a tight time frame.”

An increasingly wide range of borrowers, from land-use developers to resort builders, entrepreneurs, and major businessmen, have turned to Kennedy Funding, obtaining financing from $1 million to $100 million. Kennedy can make loan commitments in as little as 24 hours, and close in just 2 weeks.

While specializing in commercial real estate loans, Kennedy Funding has expanded its scope of lending to include a wide range of enterprises, including amusement parks, high-profile golf courses, tv and radio stations, airlines, and sports complexes, among others. Their extensive knowledge base and solid reputation has seen them manage everything from the most complex of financial transactions to simple acquisitions, workouts, refinancing, bankruptcies, and foreclosures.