HACKENSACK, NJ, March 10, 2006 – Elliot Spitzer not only wanted to purchase the Hudson Valley Resort & Spa on over 550 acres in Kerhonkson, New York – he wanted to re-position and develop the property into something far more than it was. The 332-guest room resort complex consists of the hotel tower with six floors of guest rooms, plus wings containing additional rooms and 40,000+ square feet of convention space. It also includes a grand ballroom, 7,000+ square foot amphitheater, an 18-hole golf course with driving range and miniature golf, an attached restaurant with its own kitchen, a modern spa/fitness center, an indoor and outdoor swimming pool, tennis courts, and a playground.

It’s true that the resort had been more or less breaking even for the past five years, and the surrounding acres of vacant land were just that – vacant. But Spitzer of Everyday Logistics LLC had a plan: He would re-target the hotel’s prospective clientele, focusing on the significant Jewish population that traditionally visits the area, and he would develop the vacant land into 250+ single-family lots.

It’s a grand vision. And Kennedy Funding, a direct private lender in Hackensack, New Jersey, shared that vision, agreeing to a $9.78 million acquisition loan. Jeffrey Wolfer, president and co-CEO of Kennedy Funding, played a key role in the transaction. “The resort had been kept in very good condition, and showed few signs of deferred maintenance,” he said. “The potential of the site is as a resort, and the spa will fit very well into that plan, especially during the winter with the slopes nearby. We’re confident it will work, and we’re happy to have been of service.”

“We developed a very good working relationship,” said Spitzer about Kennedy Funding. “Everyone was professional all the way, and they did exactly what they said they would do.”

Formerly named the Granite Resort, Hudson Valley Resort & Spa offers 332 oversized guest rooms (approximately 320 square feet each), consisting of double doubles, kings, and suites. Staff and manager’s quarters are detached and located to the southwest. The golf course lies to the north of the hotel, and allows views from the rooms that flow over the course and, ultimately, to the mountains beyond. Built in the late 1950s, the resort went through extensive renovation in 1997-98. Most of the rooms were refurbished, along with the lobby and conference room. The spa was also built at this time, and the last nine holes were added to the existing 9-hole golf course.

The $9.78 million loan was brokered by Meridian Capital Group, one of the nation’s leading mortgage brokerage firms. According to Allan Rich, a Meridian broker, “Jeffrey Wolfer was the model of professionalism throughout this transaction. He was thorough, patient, and downright tenacious in seeing that everything went as smoothly as possible. In fact, I think Kennedy Funding went above and beyond the call of duty.”

Kennedy Funding’s streamlined evaluation process gives them the ability to issue loan commitments in as little as 24 hours, with closings in as little as five days, and often in no more than two 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 upon flexibility, as witnessed by their willingness to accept raw land as collateral, and to fund developments in international locales as far-flung 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 prominent businessmen have used the services of Kennedy Funding to great success. They can finance up to 65% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.