Hackensack, NJ, June 7 — Dilapidated and nearly unoccupied, The United Community Hospital on 20th Street in Detroit is in dire need of immediate renovation and upgrade. No conventional lenders would fund the ailing healthcare facility because of their strict lending requirements and the timeframe in which the borrowers required the money.

Kennedy Funding, a direct private lender in Hackensack, New Jersey, believes there is still life in the old structure — and has agreed to a $2.5 million improvement loan.

The 217,000 sq. ft. hospital, built in 1972, is situated on seven acres in downtown Detroit and has been in partial operation as a healthcare facility, with some space rented out to medically-related companies and operations. To restore the building to full use will require extensive renovation, and the current owners, the non-profit Community Healthcare Providers, Inc., discovered that it was difficult to meet the stringent requirements of traditional funding sources. The hospital was in a development stage without sufficient capital reserves, and yet the need to renovate the facility was increasingly apparent.

“When we needed immediate funding for expansion and building improvements, Kennedy came through where others did not,” said Robin M. Barclay, spearheading the financing of renovations for the hospital. “We appreciate that wholeheartedly and look forward to an excellent working relationship with the Kennedy Funding organization.”

Kennedy Funding loan officer Jim Syros added that “working with nonprofits like Community Healthcare Providers adds its own special challenges, but Kennedy has vast experience in virtually every aspect of the mortgage and lending marketplace — in other words, no problem.”

And Jeffrey Wolfer, President and Co-CEO of Kennedy Funding, believes that Detroit has the potential to become the midwest’s newest ‘renaissance city,’ and thinks a refurbished hospital is a favorable reflection of that momentum. “Kennedy Funding sees this structure and the surrounding acreage as re- emerging prime real estate, and lending millions — at a time when banks virtually ignore Detroit — is smart business with a positive outlook.”

Kennedy Funding is certainly at the forefront of making smart and effective business decisions. Their streamlined evaluation process gives them the ability to issue loan commitments in as little as 24 hours, with closings in as little as 5 days, and often in no more than 2 weeks. With a deep source of funds at their disposal, available loans range from $1 million to $100 million, and more when the need is there. Part of their uniqueness comes from a policy based on flexibility — as witnessed by their willingness to accept raw land as collateral, and to fund developments in Mexico, Europe, and exotic locations such as Fiji.

While specializing in commercial real estate loans, Kennedy has funded such diverse enterprises as high-profile golf courses, amusement parks, TV and radio stations, airlines, and sports complexes, among others; professionals including land-use developers, resort builders, entrepreneurs, and major businessmen have used the services of Kennedy Funding to great success. They can generate up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.