In a market where closed loans are rare, Kennedy comes through quickly.
LAKE HILLS, TEXAS, November 6, 2008 — In one of the most difficult lending markets in history, Kennedy Funding continues to not only close loans, but continues to close raw land loans. Case in point: Kennedy’s recent multi-million-dollar working capital loan to JMJJ, LLC for their planned lakefront, gated golf course community, Medina Lake Estates. The 607.58-acre property, located approximately 25 miles northwest of San Antonio, includes lakefront acreage on Lake Medina.
Across the nation, everyone is aware of the downturn of both the real estate and credit markets. Strong buyers with excellent credit can find it difficult to secure financing for partially completed projects in prime locations. Raw land loans, secured only by undeveloped property are all but unheard of. This quickly became evident to developer JMJJ, LLC as they sought funding to keep the Medina Lake Estates project moving along on schedule. Continue reading 'Kennedy Funding closes multi-million-dollar raw land loan for Texas developer'»
In the midst of the nation’s worst credit crisis, the Hackensack, NJ lender closes loan for space in 60-story condo tower overlooking Biscayne Bay
MIAMI, FL., October 20, 2008 - Kennedy Funding, one of the nation’s largest direct private lenders, has closed a $10.14 million loan to 888 Biscayne Enterprises, LLC. The loan is for the acquisition of the four-story commercial space in the recently completed Marina Blue Condominium building overlooking Biscayne Bay at 888 Biscayne Boulevard in Miami, Florida. The unfinished commercial space is comprised of four stories (three floors plus one mezzanine) and totals 44,000 square feet. Included with the commercial space are two terraces for outdoor seating and 185 dedicated parking spaces (50 more than required for the space) in the condominium building’s multi-level garage. Continue reading 'Kennedy Funding closes $10.14 million loan for waterfront commercial space in Miami'»
HACKENSACK, N.J., October 09 — The Blackwell Human Services Campus in Philadelphia, Pennsylvania had been instrumental in providing humane treatment for some of society’s most disenfranchised individuals, the mentally ill, since the 19th century. The organization was originally known as Kirkbride Center, after Dr. Thomas Story Kirkbride, who designed the original 1840 building, served as the Center’s Administrator/Medical Director, and became renowned for championing mental health therapy. Thanks to his guidance over the years, the Center developed a reputation for innovation in the clinical and psychological arenas. And although much has changed since its founding, the institution has never strayed from its mission to provide compassionate care to people struggling with mental illness.
Today, its campus situated in peacefully rural surroundings, Blackwell provides care to people suffering from depression, schizophrenia, alcoholism, and drug addiction. Sadly, however, all was not well with Blackwell itself, and they urgently needed help in the summer of 2007. Continue reading '$15.1 Million Loan from Kennedy Funding Provides'»
HACKENSACK, N.J., October 03 – It was the vision of developer Costa Blanca II that the Tierra del Sol resort community in Orlando, Florida be designed as an exercise in luxury living. Set on 120 acres, the development would offer 540 townhome units, 432 condominium units, an expansive clubhouse with virtually every conceivable amenity, and panoramic views toward nearby Walt Disney World and the surrounding countryside. But thepièce de résistance would be one of Florida’s largest water complexes, featuring a wave pool, Flowrider surfing pool, lazy river, swimming pools, water slides, secluded spas, and a four-story children’s water park. The community was to be nothing less than a Mediterranean jewel set amidst a tropical garden.
If, that is, Costa Blanca II could find a lender to give them a development loan. They wanted to put up 38 acres on the east side of the property as collateral and, of course, they wanted the loan to close quickly – the faster they closed, the faster they could build. Such a loan wasn’t so easy to locate, however, as the majority of lenders were tending to bow out of the Florida land market entirely. Plans could have come to a screeching halt . . . had they not found Kennedy Funding. Continue reading '$29.3 Million Loan from Kennedy Funding Helps Florida Developer Make a Big Splash with Luxury Residential Community and Water Park Complex'»
‘World’s greatest athlete’ joins forces with America’s leading private lender on promotional campaign
HACKENSACK, NJ, September 23, 2008 — American hero Bryan Clay, decathlon gold medalist from the 2008 Olympic Games in Beijing, will appear in advertising and promotions for Kennedy Funding of Hackensack, NJ, the nation’s leading direct private lender.
Specifics regarding the campaign or its planned media schedule have not yet been announced, but an initial photo shoot recently took place with Clay at Delbarton High School, a private academy in northern New Jersey. Flying in from a busy schedule of appearances that included the Republican National Convention and ringing the closing bell at the New York Stock Exchange, Clay worked with the team from Results Advertising of Hasbrouck Heights, NJ, advertising agency for Kennedy Funding before he took time out from posing to speak with the students of Delbarton. Continue reading 'Bryan Clay, Olympic decathlon gold medalist, teams up with Kennedy Funding'»
NEW YORK, NY, September 3, 2008 — Kennedy Funding, a leading direct private lender based in Hackensack, NJ, has closed a $5 million loan to 24 East 23rd Commercial, LLC. The loan is to help the developer continue work on a much-talked-about luxury residential project in the Flatiron district of Manhattan. With a dramatic 60-story high-end condominium tower, One Madison Park, already under construction, the developer needed funding for development costs for 23 East 22nd Street, yet another luxury condominium tower to be built directly behind One Madison Park.
Though not yet complete, the building has drawn a tremendous amount of attention in the press because of its size, unique design and highly desirable location facing Madison Square Park. Continue reading 'Kennedy Funding closes $5 million loan on landmark NYC residential tower'»
$27.35 Million Spurs Projects Spanning the Country
Hackensack, NJ, August 11, 2008 – In an economic environment where borrowers face increasing difficulty obtaining working capital from traditional lenders, Hackensack-based Kennedy Funding, Inc., closed three loans totaling over $27 million in two days. The direct lending organization, well known for expediency in issuing commitments and closing, provided funds to an Arizona mixed-use developer for a major retail/office center, to a publicly traded commercial building and management company in the Los Angeles area, and to a New York developer for residential build-outs.
The $11.5 million Arizona loan went to National Retail Development Partners (NRDP), for site development and construction of Ironwood Festival in prestigious Scottsdale. The complex will comprise 81,000 sq. ft. of retail space and over 31,000 sq. feet of offices in one of the Southwest’s fastest-growing areas. According to NRDP principals, the company was looking to close a transaction quickly to honor a purchasing contract on deadline and to move ahead with plans for putting up buildings to fit the Arizona landscape. Continue reading 'Kennedy Funding Closes Three Loans in Two Days'»
Flushing, New York - July 28, 2008 - Kennedy Funding, one of the nation’s largest direct private lenders announced that it has closed a $7 million loan to the New York development company Bownetree, LLC for completion of residential properties in Flushing, Queens. Bownetree’s Sam Suzuki plans to use the funds to complete build-out of an 8,800 sq. ft. parcel comprising five attached low-rise rental buildings, each with five two-bedroom units.
Finishing the interior structure of the buildings mandated an expedited loan and considering the lag time usually associated with conventional lenders, Bownetree turned to Kennedy Funding and was able to close within weeks.
“The Bownetree loan gives us an opportunity to help further development in the New York metropolitan area,” says Jeffrey Wolfer, Kennedy Funding President and Co-CEO. “Queens traditionally has attracted a wide variety of residents and professional establishments and the Bownetree apartments show potential of being an important part of the residential landscape. The buildings are up and near completion and represent solid value and a stable lending risk.” Continue reading 'Kennedy Funding’s $7 Million Loan Moves Bownetree’s Queens Apartments Toward Completion'»
Arizona Company Moves Ahead on Mixed-Use Complex
July 22, 2008 – Hackensack, New Jersey-based Kennedy Funding, Inc., the direct lending company with a record of closing transactions expediently, announces an $11.5 loan to National Retail Development Partners (NRDP AZV, LLC) for site development and construction of a mixed-use office and retail complex – Ironwood Festival – in Scottsdale, Arizona.
The developer already has obtained site approval for Ironwood Festival, which will comprise six structures holding over 81,000 sq. ft. of retail and 13,285 sq. ft. of office space. NRDP needed to add funding to its own substantial investment to proceed with development. In a market where traditional lenders are turning down even the most qualified borrowers or holding up loans through long application periods, NRDP wanted to close a transaction quickly so they could honor a purchase contract on deadline and move ahead with plans to establish an aesthetic and functional center fitting the Arizona landscape. Kennedy Funding was able to close the loan in just 14 days.
“The reputation of NRDP’s principals precedes them,” says Jeffrey Wolfer, President and Co-CEO of Kennedy Funding. “They have been involved in some of the southwest’s most prestigious commercial enterprises which often are tenanted in the planning or preconstruction phases and Ironwood Festival is no exception. We are very comfortable working with such professionals.” Continue reading 'Kennedy Funding Closes $11.5 Million Loan to National Retail Development Partners'»
Chicago, Illinois, June 23, 2008 – A spectacular high rise residential condominium – Catalyst – will be taking shape in Chicago’s West Loop, thanks to an $8.36 million loan from Kennedy Funding, Inc. The Hackensack-based company recently closed that deal with Catalyst 123, LLC’s Gary A. Rosenberg, a well-known Chicago developer who founded Urban R2, the site purchaser.
Rosenberg contracted with renowned architect Lucien Lagrange to create a building with dramatic angles and distinctive colorful exterior. Once built, Catalyst will offer 217 residential units from the fifth to the 21st level, a three-level, enclosed parking garage with 225 spaces, and more than 15,000 sq. ft. of ground-level retail space. The 22nd floor will house a patio, party room, meeting room, exercise facility and more amenities — including a massage therapy room, sauna, and Jacuzzi — to appeal to the ever-growing population choosing the downtown lifestyle. The pet-friendly Catalyst also offers an indoor dog run. With its prevalent loft buildings The West Loop of Chicago is fast becoming the Midwest counterpart of New York’s Soho, with galleries, restaurants, and clubs. The area is accessible from every point in the city by car, bus, train or subway.
“Gary Rosenberg’s reputation as a seasoned real estate professional and quality developer precedes him, and the location, just minutes from the city’s central commerce area make this the kind of urban venture that warrants funding,” says Jeffrey Wolfer, president and Co-CEO of Kennedy Funding. Continue reading 'Chicago High Rise Moves Ahead with $8.36 Million Kennedy Funding Loan'»
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