HACKENSACK, NJ, June 23, 2005 — There is real estate, and then there is Park Avenue real estate. With $10 million in funds from Kennedy Funding, one of the nation’s largest direct private lenders based in Hackensack, New Jersey, Kvoda Group LLC has financed a 4-bedroom duplex condominium in the heart of Manhattan’s fabled East Side. The apartment is located on Park Avenue and 59th Street, long considered one of the richest and most desirable corners in New York, and possibly the world.

The urgency of the time frame moved this transaction into Kennedy Funding’s court. The borrower could not wait for a traditional funding source to process this loan; if the deal was to close, the funds needed to appear sooner rather than later. Kennedy Funding has long been known as the kind of firm that can come up with a bridge loan quickly — all part of their responsiveness to the needs of the borrower. Or as the broker who managed this transaction said when asked about Kennedy Funding, “They’re real good.”

One block from Fifth Avenue, and close to flagship stores for Tiffany’s, Prada, Bergdorf Goodman and a host of other well-established nameplates, this Park Avenue home consists of 8 rooms on two floors, totaling more than 5,000 square feet. The duplex condominium is located in a relatively new building, constructed in 1999.

Jeffrey Wolfer, president of Kennedy Funding, recognizes that real estate in New York City is unlike any other market in the world. “Manhattan values are off the chart compared to any other city,” he remarked. “But by the same token, the location and market for that type of property makes it a virtually solid-gold investment. Yes, the prices are high, but they show every evidence of remaining stable or continuing to rise. In light of that, Kennedy was able to appraise and close quickly.”

Kennedy Funding has streamlined the lending process to the point where it is quick and thorough, without the usual overload of paperwork and red tape. The firm has the ability to issue loan commitments in as little as 24 hours, which often leads to closings in some cases, as little as five days. Available financing ranges from $1 million to over $100 million — with rates as low as 9% and 2 points.

While Kennedy specializes in commercial real estate bridge loans, they are not limited to that arena. Their flexibility and diversity has also resulted in loans for a wide range of enterprises, including amusement parks, high- profile golf courses, TV and radio stations, airlines, and sports complexes. Across the country and around the world Kennedy is called upon to deliver when other financial institutions cannot.

They can generate up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.