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Kennedy
Funding rescues bankrupt developer with
creative financing
HACKENSACK,
NJ, May 21, 1996—With real estate market financing remaining
tight, many worthwhile building projects have unfortunately continued
to languish in varying stages on incompletion, throwing many developers
into bankruptcy. Traditional lending sources have often dried up
as credit lines are shut down.
While the credit picture continues to remain spotty, a number
of smaller, more innovative lending firms have surfaced to seize
upon the opportunities to turn around moribund developments.
One such firm is Kennedy Funding of Hackensack, New Jersey,
which has won a growing reputation for creative financing to
revitalize troubled projects in the $5 million to $10 million
range.
Kennedy Funding’s latest success involved a major New
Jersey development which had to declare bankruptcy because of
lack of funding. The firm is the Donato Group of Eatontown which
was developing a mixed office/ retail complex consisting of two
buildings on 36 acres in a prime Monmouth County area.
“Our funding ran out and the project was taken over by
United Jersey Bank,” said John Donato, president of the
Donato Group. “While many lending institutions viewed a
project like ours as a statistical failure, Kennedy Funding saw
it as a major opportunity to become involved in a win-win situation.”
Donato, a respected developer since 1952, sought out Kennedy
Funding because of the firm’s growing reputation for helping
ailing projects. “Kennedy saw the value in the property,
so it repurchased the parcel from the United Jersey Bank, Donato
said. “I now have the opportunity to repurchase the property
back from Kennedy Funding once the income flow begins. Kennedy
saved my project for sure.”
The property consists of two office buildings with retail space
located on 36 acres in the fast-growing area around Eatontown.
Kennedy repurchased the parcel for $4.5 million from the bank,
which Donato calls a good deal. “The property is worth
$8-10 million at least,” he says, “so it was a good
transaction all around.”
Donato has signed a contract with Kennedy to manage the property
and have an option to buy it back. United Jersey Bank and Kennedy
will too. “everybody walked away happy,” Donato said.
The developer had become aware of the growing reputation of
Kennedy Funding for providing fast, efficient and complete financing
to worthy projects. “I went to Kennedy because of all the
good things I was hearing about the firm, and they fully lived
up to their reputation,” said Donato.
Donato had especially kind words for the Kennedy Vice- President
Henry Haskell, who worked closely on the project. “We were
together on the financing and my role as manager every step of
the way,” Donato says. “Haskell was simply terrific.”
Being able to work closely with the developers is one of the
keys to success for Kennedy, says Haskell. “We are not
restricted by all the red tape that is involved in loans by banks
and larger institutions,” says Haskell. “We make
it a point to make our decision on a loan rather quickly after
we assure ourselves that it is a solid property.”
Haskell sad as soon as he and the other Kennedy experts looked
at Donato’s property, they knew it was a worthwhile project
that merited funding. “By repurchasing the property from
United Jersey Bank, Kennedy kept Mr. Donato from losing it, which
is very gratifying to us,” says Haskell.
The ability to evaluate a worthwhile project that had been abandoned
by others is a trademark of Kennedy Funding President Joseph
Wolfer, who founded the firm to fill a void in the market.
“We found many firms were left hanging without funding
after the real estate debacle in the 80’s,” says
Wolfer. “Banks were moving ever so cautiously, so much
so that they missed out on many profitable lending situations.
We were only too glad to step into such situations.”
Wolfer says that Kennedy Funding is able to move quickly on projects
because staff members are all experts at creative financing with
deep knowledge of the market. The firm’s fees are higher
than banks. But Wolfer says that is because many outside professionals,
lie lawyers, are hired to cut red tape that slows down traditional
loan processing.
“We are fast, usually completing a financial package in
less than a month,” Joe Wolfer says. “Others take
months and months, and this often results in developers going
out of business in the interim.”
Wolfer sees continuing growth in the years ahead. “The
market offers tremendous opportunities for a smaller, leaner
and more creative lending firm like us,” says Wolfer.
Kennedy Funding specializes in loans from $5 to $10 million
and has an enviable record of growing annually at a rate of 50
percent since the firm’s founding in 1982.
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Kennedy Funding closes multi-million-dollar raw land loan for Texas developer |
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Kennedy Funding closes $10.14 million loan for waterfront commercial space in Miami |
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Bryan Clay, Olympic decathlon gold medalist, teams up with Kennedy Funding |
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Kennedy Funding closes $5 million loan on landmark NYC residential tower. |
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Kennedy Funding Closes Three Loans in Two Days
$27.35 Million Spurs Projects Spanning the Country |
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Kennedy Funding’s $7 Million Loan Moves Bownetree’s Queens Apartments Toward Completion |
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Kennedy Funding Closes $11.5 Million Loan to National Retail Development Partners |
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Chicago High Rise Moves Ahead with $8.36 Million Kennedy Funding Loan |
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Texas Venture Draws $12.5 Million Loan from Kennedy Funding |
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Kennedy Funding Backs North Carolina Developers with $9.54 Million Loan Smokey Mountain Setting Provides Raw Land Collateral |
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Kennedy Funding’s $1.5 Million Deal is Third Loan to Same Client in Just Nine Months |
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Kennedy Funding Expands International Presence With Virgin Island Loan Wintdots of St. Thomas Using $6.5 Million to Develop 'Green' Community |
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Kennedy Funding Closes Four Loans in One Day
Almost $40 Million in Domestic and Offshore Aid for Land Development and Restructuring |
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$9.2 Million Loan from Kennedy Funding Gives Georgia Developer Just What He Needs to Stay in the Black and Stay on Track |
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Kennedy Funding’s $15 Million Loan Deals Winning Hand to Developer’s Plans
for Casino Complex in Biloxi, Mississippi |
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Kennedy Funding Closes $3.9 Million Loan So Delaware Family
Doesn’t Have to Sell the Farm |
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Kennedy Funding’s Timely Loan Lets Ohio Developer Start Building Perfect Community for Single-Family Residents |
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Kennedy Funding Buys Loan for $1.55 Million & Buys Borrower Two Years |
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Superstar John McEnroe to Highlight The Kennedy Funding Invitational
Tennis Tournament, July 9–13, 2008
Sponsorship Proceeds Will Benefit The Leslie Simon Breast Care Center at Englewood Hospital, and Nyack Hospital |
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Kennedy Funding Loans Hawaiian Developer $7 Million for Big Project on Big Island |
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$47.1425 Million Loan From Kennedy Funding Helps Idyllic Community Take Off in Eagle County, Colorado |
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$15.1 Million Loan from Kennedy Funding Provides the Right Prescription for Pennsylvania Mental Health Care Center |
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$29.3 Million Loan from Kennedy Funding Helps Florida Developer Make a Big Splash with Luxury Residential Community and Water Park Complex |
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Fast $28.8 Million Loan from Kennedy Funding Helps Developer Build Resort for All Seasons in Utah Mountains |
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$4.55 Million from Kennedy Funding is Second Loan in a Month to MOA
Loan Helps Developer Build ‘Buffalo Bill’ Hotel near Yellowstone |
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$47 Million Loan From Kennedy Funding Helps Florida Developer Shift His Town Center Project Into High Gear |
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$23.2 Million Loan from Kennedy Funding Helps Developer Sink a Birdie on His Residential Golf Community |
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$55 Million Loan From Kennedy Funding Means Smooth Sailing for Georgia Developer
As Traditional Lenders Shy Away from the Residential Market, Kennedy Shares Borrowers' Vision & Steps in to Fill the Void |
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$24.9 Million Loan From Kennedy Funding Brings Some Magic to Florida Residential Resort Project Near Walt Disney World |
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With a Total of $70 Million in Loans, Kennedy Funding's Magic is Helping Build Florida Developer's Kingdom |
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$13.5 Million Loan from Kennedy Funding Closes in Just Two Weeks & Saves the Day After Other Lender Drops the Ball |
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$6.66 Million Raw Land Loan from Kennedy Funding Closes in Only
10 Days
Loan Helps Texas Developer Purchase Another Property Just in Time |
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$12.3 Million Loan From Kennedy Funding Helps Philadelphia Developer Acquire 71-Acre Tract Along the Delaware River |
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Up Against the Odds and the Clock, Kennedy Funding Closes $7 Million Loan for HHH Nevada's Las Vegas Project in Just Over a Week |
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$15.5 Million Loan From Kennedy Funding Helps Developer Bring an International Flavor to Chamblee, Georgia |
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Hurricanes destroyed 119 homes...a $23.3 million loan from Kennedy Funding brightens the future for the new owners of West Palm Beach tower. |
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Kennedy Funding Gains $200 Million Securitization from Fortis Bank
'Superpower' Lending Capacity Now Extends into the Billions |
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$20 Million Loan from Kennedy Funding Helps Developer Acquire Prime Piece of Downtown Philadelphia
Ambitious, Long-Term Plan Calls for 10,000,000 Sq. Ft. Development on Site Bigger Than the World Trade Center |
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$14.5 Million Loan From Kennedy Funding Helps Save Developer's Plans for 50 Acres on Hawaii's Big Island
Kennedy's First Deal in the Western Pacific a Testament to Skill & Determination |
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Kennedy Funding's $3.72 Million Loan Helps Atlanta Area Mixed-Use Project Get Underway
The Lofts on Antique Row Loan Closes in Only Two Weeks |
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Kennedy
Funding Nears $200 Million in Loans for Fiscal Year 2006 |
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Kennedy
Funding Loan to Louisiana Developer Speeds Renovation of
Hotel |
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$2.13
Million Loan from Kennedy Funding Helps Hotel & Restaurant Owner Refinance and Consolidate |
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Kennedy Funding Introduces Useful New Tools for Commercial Mortgage Brokers & Hard Money Borrowers |
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Jeffrey
Wolfer of Kennedy Funding Wins Coveted Award President &
Co-CEO Named 2006 Forty Under 40 Winner |
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Kennedy
Funding Loans $2.1 Million to Florida Developer for Purchase
of Championship Golf Course & Country Club in Florida |
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Kennedy
Funding’s $4.2 Million Loan Helps Illinois Developer Refinance 64-Acre Parcel
Lender’s 2nd Loan to Ocean Atlantic/PFG-Westbury, LLC Keeps Development Plans On-Track |
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$1.845
Million Loan from Kennedy Funding Helps California Developer
Bring a Little Bit of Beverly Hills to Lexington, Tennessee |
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Paul
Goldstein & Englewood Hospital Big Winners at The Kennedy Funding Invitational |
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$2.9
Million Loan from Kennedy Funding Helps Niagara Falls Investor Leap into the Hotel Business |
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$1.65
Million Loan from Kennedy Funding Helps Pennsylvania Developer Turn Timeshares into Condos |
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Timely
Loan from Kennedy Funding Helps OneCap Partners Purchase 78 Acres in 'Next Las Vegas'
$12 Million Loan Closes in Less Than a Week |
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$7.8
Million Loan from Kennedy Funding Helps Partners Own a 403-Acre Piece of Maryland
Raw Land Loan Closes in Just Two Week |
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The
Kennedy Funding Invitational to Benefit Breast Care Center at Englewood Hospital
Will Feature Top-Ranked Tennis Players From Around the World |
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$9
Million Loan from Kennedy Funding Helps Elias Brothers Keep
Florida Development Plans Alive |
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Kennedy Funding – 2 Loan Closings, 2 Countries, 1 Day. |
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$3.864
Million Loan from Kennedy Funding Helps Kings Highway Acquire Land and Buy Out Partners |
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$6.525
Million Loan from Kennedy Funding Helps a Los Angeles Condominium Conversion Get Under Way |
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$1.2 Million
from Kennedy Funding Will Help Make West Hills Golf Course
a Driving Force in New Brunswick, Canada |
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$9.78
Million Loan From Kennedy Funding Facilitates 571-Acre New York Resort Purchase |
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$12
Million loan from Kennedy Funding saves Mississippi Shores
Of Paradise project in wake of Katrina |
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$50
Million Loan From Kennedy Funding to Saguaro Ranch Heats up
the Tucson Desert With a 1,035 Acre/180-Lot Luxury Residential and Intimate Resort Development |
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JEFFREY
WOLFER AIDS KATRINA RECOVERY EFFORT |
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$6.8
Million Loan From Kennedy Funding Puts the Beat in Houston
Nightclub |
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Kennedy
Funding Sets 'Land Speed' Record — Closes $3.25m Vegas
Acquisition Loan in 48 Hours |
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$40
million loan from Kennedy Funding facilitates 214-acre Florida
land purchase |
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8
properties in 5 states change hands in one transaction thanks to $6 million loan from Kennedy Funding |
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Kennedy
Funding Loans $6.5 Million for One of the Last Land Parcels On the Outer Banks |
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$12
Million Loan From Kennedy Funding Buys Prime Land on the
Navesink River |
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$4
Million From Kennedy Funding Buys Hotel And Additional Land Near Walt Disney World |
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$5.5
Million Acquisition Loan from Kennedy Funding Puts Michigan
Condos Back on Track |
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Kennedy
Funding Loans $10 Million for Park Avenue Duplex Condominium |
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$2.5
Million Loan From Kennedy Funding Takes Detroit Hospital
Off Life Support |
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Kennedy Funding Lends $2.7 Million to Aquaplex Project in Wisconsin |
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Kennedy
Funding Rescues Blue Ridge Mountains' Developer |
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Kennedy
Funding Introduces New Low Rate Loan Program |
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Non-Profit
Philadelphia Hospital Gets Life-Saving Loan of $5.325 Million
From Kennedy Funding |
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$2.5
Million Loan From Kennedy Funding Fuels Purchase of Florida
Sunoco Station |
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$3.5
Million loan from Kennedy Funding delivered in record time
to development company in Florida |
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Kennedy Funding's
$2.6 million loan rescues bankrupts company in Camden, New
Jersey |
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New
Resort to Rise on Sandy Beach in Puerto Rico, Thanks
to Loan From Private Lender Kennedy Funding |
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$4
Million Loan From Kennedy Funding Helps Developer Bring
Gaming Enterprise to Mexico City |
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Country
Club with Golf Course Coming to Maine with Help of $3.4
Million Loan From Kennedy Funding |
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Home improvement
company spruces up with $3.5 million loan from Kennedy Funding |
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Highrollers
meet steamrollers as Kennedy Funding loans $18.5 million
for major development on Las Vegas strip |
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Kennedy
Funding Loans $3.9 Million to Developers for St. Croix, Virgin
Islands Resort |
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Kennedy
Funding borrower returns for second loan to build condos
on island of Cozumel, Mexico |
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Kennedy
Funding's $3.4 million loan will help provide affordable
housing in Mexico |
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Kennedy
Funding's $5.2 million loan paid back by borrower in record
time |
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Kennedy
Funding loans $6.6 million to developer of Florida beachfront
condos |
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Kennedy
Funding lands in paradise with $5.4 million loan to developer
of Fiji island resort |
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Kennedy
Funding loans $3 million to California developer |
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Kennedy
Funding Lends $1.5 Million to Colorado Developer for New
Community adjacent to Vail's Keystone Resort |
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Kennedy
Funding Lends $2.3 Million to Mexican Developers |
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Kennedy Funding Receives $14.5 Million Payback On Defaulted Loan
from Penthouse Founder Guccione |
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Kennedy
Funding Lends $18 Million to Developers of Next 'Sun Valley' |
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Kennedy Funding
issues $5.3 million loan to Travis Boats & Motors (NASDAQ: TRVS) |
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Kennedy Funding
bails out South Florida Developer with quick $3 million second
mortgage bridge loan |
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Kennedy Funding
lends $1.8 million to Port Saint Lucie, Florida Developer |
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Kennedy Funding Expands Media Expertise With Loan To Hispanic
Radio Station |
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Kennedy Funding
Lends $6 Million To Leading Operator Of Charter Schools |
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Kennedy Funding Scores Hole-In-One with Multimillion Dollar Loan
to Golf Course Developer |
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Kennedy Funding’s
Two Day Loan Rescues Building From Foreclosure |
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In
Private Lending, Bigger is Better |
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Kennedy
Funding Loan of $2.2 Million Breaths ‘New Life’ Into Funeral Home |
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Quick
$3.5 Million Loan by Kennedy Funding Funds Acquisition of Former
Hospital |
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Michigan Hoteliers
Do It Their Way with Multimillion Dollar Loan from Kennedy
Funding |
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Guccione
Gets $35 Million Reprieve |
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NJ Lender
Bails Out Auto Dealer in Far-Off St. Maarten |
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Kennedy Funding
Expands Lending Expertise with Loan to NYC TV Station |
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Kennedy
Funding Plays Key Role in $66 Million Loan to Florida
Developer |
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Kennedy Loan
Funds Conversion of Dormant Inn to a State of
the Art Ramada Plaza Hotel |
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Kennedy
Funding Lends $16.5 Million to Developer of Arizona
Championship
Golf Club |
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Private Lenders
Emerge as Main Source of Capital as $30 Billion
in Commercial
Loans Are at Risk |
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Hackensack
Lender Provides $7.1 Million Loan for Major Land
Deal
in Texas |
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Kiwi Gets $2.2
Million to Help Recovery |
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Kennedy
Funding's $1.1 million loan rescues recycling pioneer from
bankruptcy |
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Kennedy
Funding takes to high seas with $5.1 million loan to international shipping line |
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Kennedy
Funding lends assisted-living housing facility $500,000
to pay down $1.9 million Hud loan |
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Kennedy Funding's
$7.6 Million Loan Helps MPTV, Inc. Launch Las Vegas Time
Share Project |
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Kennedy
Funding rescues bankrupt developer with creative financing |
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