The Lofts on Antique Row Loan Closes in Only Two Weeks

Hackensack, NJ, October 23, 2006 – Charles Schmandt of F & S Lofts, LLLP, owned several contiguous parcels of land in Chamblee, Georgia, about 12 miles northeast of downtown Atlanta. He wanted to purchase an additional parcel and develop a 4.84-acre multi-use complex, to be named The Lofts On Antique Row. The development would have 166 residential loft units and over 42,000 square feet of commercial/retail space in five buildings, ranging from one to five stories, and up to two levels of underground parking. So Schmandt was in the market for an acquisition loan to complete his purchase, and he was looking to close quickly.

Finding a lender who was capable and willing to meet F & S’s desires, however, proved to be more difficult than Schmandt had initially realized, and he was reluctantly considering his available options — when he was introduced to Kennedy Funding.

Kennedy Funding is a direct private lender headquartered in Hackensack, New Jersey, that believes in securing their clients the fastest possible deal. “We know that each client is different,” said Jeffrey Wolfer, President and Co-CEO of Kennedy Funding. “Everyone has a special situation and unique needs, and it’s our job to be able to work with those requirements and close the deal quickly. We’ve made that one of our fortes, and we can complete the process faster than any bank or traditional lending organization. Charles needed our help, and we were able to close for him in just two weeks.”

The $3.72 million loan was brokered by Meridian Capital Group, a leading mortgage brokerage firm. Alex Katz, Managing Director of Meridian’s Addison, Texas office, added, “Whenever you get into a last-minute situation, there are always issues that must be addressed in order to get things done fast. We worked closely with Jeffrey Wolfer at Kennedy, and he was able to come up with solutions that got the job done in the shortest possible time.” Now The Lofts On Antique Row can proceed, with every expectation that the development will be another successful addition to Chamblee’s steadily growing economy.

Kennedy Funding’s evaluative process is quick, expert, and thorough, determining the intrinsic value of both the collateral and the project for which the funds are requested. The firm has the ability to issue loan commitments in as little as 24 hours, which can lead to a closing in less than a week. Available financing ranges from $1 million to $100 million and more.

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. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.