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April 3, 2008

HACKENSACK, N.J., April 3, 2008 – Kennedy Funding, Inc., a leading direct private lender, has closed a $3.9 million loan to Mills Farm, LLC, of Delaware. The Mills Family, through Mills Farm, LLC, owns four individual tracts of farmland in Milford, Sussex, and Kent counties in Delaware, totaling 631.6 acres. One of the tracts is a working farm operated by the family, with a farmhouse, barn, accessory buildings, and grazing dairy cattle on 215 acres. The other three tracts are raw, undeveloped farmland, and one of them has entitlements for residences to be built.

The Mills family was looking for a loan. They intended to use the loan proceeds to settle and/or pay down some debt, consolidate some other expenses, and conduct further farm business. Their intent was to use the four farming tracts as collateral, but they were unsure of their value in a market that had dropped precipitously in the past 18 months. And they had been hearing for some time that ‘no one was making loans in today’s market.’ Read More »

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April 1, 2008

HACKENSACK, N.J., April 2, 2008 – Kennedy Funding, Inc., a leading direct private lender, has purchased a loan to The Enclave at Bay Isles, LLC in Longboat Key, Florida. The Enclave at Bay Isles, LLC had purchased a 3.78-acre piece of land which had an enormous amount of potential. The land was vacant and adjacent to an existing shopping center containing a Publix Supermarket and CVS Center, among other businesses. The Enclave had several options, including developing the land into a mixed-use parcel, improving and selling the property to an interested buyer, or simply holding onto it and eventually selling it when the appreciation had reached an acceptable level.

Unfortunately, none of the above happened. After purchasing the property for $3.25 million, and spending an additional $750,000 for entitlements and improvements, things slowed down to a crawl and, eventually, to a complete standstill. There were no more improvements made. There was no development begun. There were no buyers of interest. There were also no loan payments being sent. Finally, the Enclave’s loan went into default. And there was seemingly no way out of a situation steadily getting worse – and accruing interest at 11% per annum.

Things had never looked bleaker for The Enclave. Fortunately, there was someone who specialized in turning bleakness into brightness.

That someone was Kennedy Funding. Read More »

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Hackensack, New Jersey – Jeff Johnson of Extra Land Co., LLC owned a piece of land free and clear. It was 31.76 acres in Obetz, Ohio, a southeastern Columbus suburb. The land itself was vacant, with a slight gradient down to the road, and covered mostly in tall, waving grasses. It was, in Johnson’s mind, just waiting for something. And he believed he knew exactly what that was.

Johnson planned to develop the land into a semi-detached, single-family community, with 204 single-family units divided between 189 duplex and 56 triplex buildings. There would be five single-story models offered, ranging from 1,285 square feet up to 1,557 square feet, with up to three bedrooms. There would also be a 2,000 square foot club house in the development with all the latest amenities. And Johnson knew his target audience: first-time buyers and retired couples who were looking to down-size in their later years. He also knew it would be the perfect community for both, with costs ranging from $140,000 to $170,000 – prices almost too good to be true in our current residential doldrums.

Johnson had it all figured out, save for one tiny detail. Even though he owned the land free and clear, he needed a loan to cover the development costs, and his only collateral was the raw land itself. Which is perhaps why his finding Kennedy Funding also ended up being a perfect fit. Read More »

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February 13, 2008

Sponsorship Proceeds Will Benefit The Leslie Simon Breast Care Center at Englewood Hospital, and Nyack Hospital

HACKENSACK, N.J., February 13, 2008 – John McEnroe, former World No. 1 player, will make his highly anticipated debut in The Kennedy Funding Invitational for 2008, July 9 – 13. The Kennedy Funding Invitational is a benefit tournament for two area hospital breast care centers. Co-Directors James Miller, Mitch Klein, and Kevin Wolfer have put together one of the finest competitions in the U.S., which will feature top competitors from around the world who are ranked in the ATP top 100 – including last year’s Invitational winner Michael Russell, Justin Gimelstob, Robbie Ginepri, Sam Querrey and others. Also featuring a special appearance by former tennis great Aaron Krickstein in a celebrity doubles match.

2008 is the third year of the annual Kennedy tournament, which is becoming recognized by pundits and fans alike as one of the pre-eminent tennis events of the year in the New York Metro area. Proponents involved in the fight against breast cancer see it as a welcome venue for donated funding. 2007’s Invitational resulted in over $625,000 being donated to the breast care centers at Englewood Hospital in New Jersey and Nyack Hospital in New York. The legendary Pete Sampras, former Men’s #1 player, came to the tournament to play an exhibition Celebrity match against Justin Gimelstob and said, “I’m happy to be a part of it. I’m happy to help. Breast cancer is something that’s been a part of my family. It’s a tough disease, and I’m just happy to help out a little bit and play a little tennis.” The crowd was delighted to see Sampras, and cheered wildly while he was on the court. All tickets for the Sampras Celebrity match were spoken for long before day of the event. Read More »

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January 10, 2008

HACKENSACK, N.J., January 10 — Nearly everyone who’s been there loves Hawaii. It doesn’t matter which islands you visit — Ni’ihau, Maui, Moloka’i, Kaua’i, O’ahu, Lana’i, Kaho’olawe, or the Big Island — there’s something beautiful and appealing about each one. Even people who haven’t yet visited would like to some day, and experience firsthand the lush vegetation, the ideal climate, the extraordinary beaches, the verdant heights, and the indescribable waterfalls for themselves. And many people would like nothing better than to live there year-round, especially after retiring, when they would have more time to enjoy the experience.

Henry Amado, Principal of White Sands Estates, LLC, was counting on exactly that. He also knew exactly what to do about it.

Amado had his eye on a 42-acre tract of land on the Big Island at the Disappearing Sands Beach in Kona, about 10 miles south of Kona International Airport. He wanted to develop the property into residential multifamily and single-family lots, known as the White Sands Project. The landscape, as might be expected, is appealing — gently undulating, relatively flat and slightly above sea level in parts, then rising sharply to an elevation of over 400 feet with a slope of over 15%. The property is covered with natural vegetation, and the views are striking. So all Amado needed was a loan with which to purchase the property and begin development — and he knew just where to go: Kennedy Funding. Read More »

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November 6, 2007

HACKENSACK, N.J., November 06 — In a secluded valley just 35 miles west
of Vail, Colorado, there are acres of lush pastures, spectacular scenery, and rich history — perfect for an exclusive gated community. Here can be found abundant wildlife, perennial sunshine, crystal-clear streams, limpid sapphire lakes, mild winters, and trails through the surrounding wilderness that provide an irresistible attraction to people who enjoy the great outdoors, and who wish to live amongst them. And that opportunity was exactly what Russ Hatle and Jim Higgins of Clearwater Development, Inc., wanted to provide.

Hatle envisioned a private neighborhood spread over 973 acres, featuring 535 high-end single-family homes, a complete village with poolside terraces, spas, and an Artisans Pavilion providing studios, instruction, lectures, and exhibitions. In addition, the residents would live alongside a professionally built championship Robert Trent Jones II golf course. All of this while surrounded by sky-reaching peaks so inspiring that the Native American Ute people called the area ‘Land of the Blue Hole in the Sky.’ Clearwater named the project the Brightwater Club, and began building it. Read More »

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October 9, 2007

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.

Three years previously, the company had emerged from bankruptcy and acquired a sizeable mortgage with a three-year note that supposedly gave them time to arrange long-term financing. But the maturity of the note was moved up two months, and increased by almost $1 million. Without long-term financing in place, Blackwell’s future was in extreme jeopardy. It looked as though a long and noble history would soon be erased. Hundreds of dedicated people would be out of work. And an untold number of sick and severely dependent individuals would literally be on the street. All Blackwell could do was to seek an expeditious loan, offering the 21 campus acres and existing improvements as collateral. It was feared, though, that the deal’s inherent difficulties were making it virtually impossible for Blackwell to find a suitable lender, let alone one able to move as quickly as necessary.

It was fortunate for everyone concerned that Blackwell contacted Kennedy Funding. Read More »

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October 3, 2007

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 the pièce 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. Read More »

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September 26, 2007

HACKENSACK, N.J., September 26 — James Fales of Braffits Creek Estates, LLC couldn’t stop thinking about a certain Utah resort: his. Or, rather, the one he wanted very much to build. He had purchased 2,654 acres of land on Cedar Mountain in Iron County, approximately ten miles west of the popular Brian Head Ski Resort near Cedar City, and he wanted his project to be better in every way.

The land itself is beautifully mountainous, in the heart of Southern Utah’s Color Country, with elevations reaching above 9,000 feet, and spectacular, panoramic views. It would be perfect for Fales’ all-season resort, which would feature a residential community with a retail, restaurant, and entertainment core. The master-planned community was envisioned with a flagged hotel, holistic spa, and an 18-hole, master-designed golf course. Its premiere location, less than three hours from Las Vegas, would provide for a multitude of diverse recreational activities, from world-renowned skiing and snowmobiling in the winter, to hiking and mountain biking in the summer. Excellent trout fishing lakes and streams traverse the area, and it is near the largest collection of National Parks in the country.

Fales had already spent $11 million on his resort, and had begun constructing the infrastructure of some of the lots. But he had gone about as far as he could, alone. He needed a loan to finish the project, and he was offering the entire 2,654 acres of raw land as collateral. So all he had to do was locate a lender willing to work with him, which proved to be more difficult than it had seemed at first glance. Until he was fortunate enough to find Kennedy Funding, headquartered in Hackensack, New Jersey, the industry’s leading direct private lender. Read More »

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September 17, 2007

Loan Helps Developer Build ‘Buffalo Bill’ Hotel near Yellowstone

HACKENSACK, N.J., September 17 — MOA Hospitality, Inc., a nationwide hotel owner and operator, owned a 7+-acre tract of land in the town of Cody, Wyoming, very close to Yellowstone National Park. At first, they had considered selling the property but, upon reflection, decided to develop the land themselves. They planned for two hotels: a four-star project on the eastern half of the site consisting of three floors and 75 rooms, and a smaller 66-room hotel on the western half flying the Super 8 flag.

As the project neared final approval, MOA was getting excited and anxious to begin. Yellowstone Park was a perennial favorite destination for millions of visitors annually, and the town of Cody itself enjoyed a reputation built upon William ‘Buffalo Bill’ Cody, the legendary showman and cowboy figure of yesteryear. Actually, the entire city is adorned with Buffalo Bill Cody memorabilia, and he himself had built a hotel in the center of town that is still popular today. In fact, MOA had named their 4-star hotel The Cody, and were confident that their new lodgings would attract ample visitors. Thus, they broke ground and began building their four-star hotel. Read More »