HACKENSACK, NJ, August 17, 2005 — Some of New Jersey’s most desirable residential real estate, along the Navesink River in Middletown, has new owners. York, LLC has purchased roughly 12.5 acres of prime land with the assistance of a $12 million loan from Kennedy Funding, a direct private lender based in Hackensack, NJ.

Within the area’s residential zoning standards, the property could potentially be subdivided into four lots, two of which would front on the river itself, sharing spectacular views. The other two lots, on Navesink River Road, would also offer scenic, impressive vistas. The 17-room masonry and frame structure that currently sits on the land is more than a century old,
and could either be restored to its original grandeur or give way to a newer structure as part of a redevelopment plan. Considering the very high retail value and general desirability of the Middletown and Rumson area, this real estate acquisition is a rare and valuable transaction for the developer. Neighboring homes and lots are being sold at premium prices, including one 3-acre lot with a large modern home that sold for more than seven millions dollars in 2004.

Jeffrey Wolfer, President and co-CEO of Kennedy Funding, sees the $12 million dollar land acquisition loan as one that maintains Kennedy’s basic philosophy. “We believe in real estate as a perpetually solid investment, one that continues to appreciate over time,” he said. “Land with river frontage in this upscale New Jersey community is rarely available, and Kennedy completed a quick but thorough evaluation and said, ‘we’re in.’ There’s no doubt in my mind that values in that area will remain strong both long-and short-term.”

Kennedy Funding is well-known for its precision and speed. The firm has the ability to issue loan commitments in as little as 24 hours, which can result in a closing in as little as five days. Available financing ranges from $1 million to $100 million, and additional funds beyond that are available in the right circumstances.

While Kennedy specializes in commercial real estate loans, they have often and successfully arranged loans for developers working in other industries. Their flexibility and diversity has resulted in funds for amusement parks, high-profile golf courses, TV and radio stations, airlines, and sports complexes. Businessmen and entrepreneurs across the country and internationally have benefited from Kennedy Funding’s ability to lend when traditional financial institutions cannot. They can generate up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.