HACKENSACK, N.J., April 20 /PRNewswire/ — Less than two years after a $40 million loan from Kennedy Funding for a 214-acre land purchase just four miles from the main gate of Walt Disney World, Sham Maharaj of BVC Partners I, LLC was eager to do business again. This time, he was seeking another $30 million to pay off the original balance and finance improvements to the mixed-use property known as “Marbella,” which is northwest of Interstate 4 in Orange County, Florida.

In the months following the original loan, the developer sold off a 48.22- acre tract of the land to the Hilton Grand Vacation Company (Hilton Resorts) for $43.299 million, reducing the balance of their original loan to just over $10 million. Plans currently call for a variety of uses for the remaining land, which totals just under 166 acres. A combination of a proposed “town center” development, commercial/high-end retail, office, and condo/hotel/timeshare space will occupy the various lots within the land, which also includes the 51.6-acre Lake Ruby. The property is entitled as a Planned Development, which allows for 303,230 square feet of commercial space, 344,500 square feet of office space, 100 hotel units, 723 timeshare units and villas.

Loans of this size are often quite difficult to close, especially relying on vacant land as collateral. That’s precisely why Buena Vista Corporation went directly to Kennedy Funding. “Loans like this certainly don’t meet typical lending criteria. In fact, most lenders won’t go anywhere near land loans in Florida,” noted Jeffrey Wolfer, President and Co-CEO of Kennedy Funding, “but we specialize in these types of opportunities. We look at more than just the numbers. We consider many factors. We take into account the proximity of the property to other commercial entities, other development activity-both existing and planned, as well as the client’s history.”

Wolfer continued, saying, “All these issues, combined with a very in-depth analysis of the property, made closing this deal a relatively smooth transaction. Mr. Maharaj and Lake Buena Vista Corporation have worked with us before and they were quite happy with the results. Coming directly back to us for the second loan saved them time and money and could move up the completion date of their development considerably.”

Sham Maharaj of BVC Partners I, LLC added, “Jeff Wolfer and Kennedy Funding came through when others couldn’t.”

Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as little as five days. In some cases, when time is unusually critical, deals can be closed even quicker. Available financing ranges from $1 million to $100 million and more, with rates as low as 9% and three points.

While specializing in commercial real estate bridge loans, Kennedy’s flexibility and diversity have also resulted in loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even 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.