Lender’s 2nd Loan to Ocean Atlantic/PFG-Westbury, LLC Keeps Development Plans On-Track

Yorkville, IL, August 7th, 2006 – John Carroll of Ocean Atlantic/PFG-Westbury, LLC was spearheading the refinancing of a 64-acre parcel of land that is part of a 300-acre development known as East Village at Westbury in Yorkville, Illinois. When complete, the development will have 252 single-family lots, 569 townhome lots, 33.81 acres of commercial land, a clubhouse, 56.45 acres of open space, and a 15-acre high school site. There were some problems, however. The fact that the collateral property was in the far northern part of the development, and that the other parcels in the development may need to be developed first had to be addressed. There was also a compost facility near the collateral property that raised environmental concerns. Given these issues, it was difficult to find a lender able and willing to finance it. Or it would have been, had it not been for Kennedy Funding.

Kennedy Funding, headquartered in Hackensack, New Jersey, is a direct, private lender that specializes in unconventional financing where attention to special circumstances and speed are critical. It’s that unique lending program that has made them one of the largest direct situational lenders in the country. What’s more, Kennedy had already closed a previous loan with Ocean Atlantic/PFG earlier this year, and John Carroll realized that Kennedy could probably help him out once again. He was right.

Said Jeffery Wolfer, President and co-CEO of Kennedy, “We were able to help Ocean Atlantic/PFG out not once, but twice. That’s typical of the kind of recurring, long-standing relationships we have with our clients. In both instances, John needed a solution to a complex loan situation and, as it happens, we’re in a position to provide just that. We recognize that loans must often be structured around each client’s unique set of financial circumstances. So we specialize in creative funding solutions and attentive service, which was exactly what Ocean Atlantic/PFG needed.”

The collateral property is approved for 23 single-family lots, 65 attached townhouse lots, and 31.1 acres of commercial land. Added Wolfer, “The market in the surrounding areas of the collateral property is bustling with residential and commercial construction, and projections are for the population of Yorkville to grow in multiples in the future. Ocean Atlantic/PFG’s development should do well.”

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as little as five days and, in some time-critical cases, even quicker, with available financing ranging from $1 million to over $100 million. The staff at Kennedy Funding is highly skilled in the commercial financing arena, and focuses an impressive amount of expertise, experience, and dedication on each loan application.

While specializing in commercial real estate bridge loans, Kennedy’s 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. Throughout the world, Kennedy has produced funds for conventional and unconventional projects, often succeeding where other financial institutions cannot. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.