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HACKENSACK, NJ-Kennedy Funding Inc., based here, closed four loans in one day recently, totaling almost $40 million for a range of residential and hospitality properties from the Carolinas to the Caribbean. The funding covers both land development and restructuring.

“The four deals represent a very positive force in tough economic times,” says Kennedy president and co-CEO Jeffrey Wolfer. “Our business structure allows us to expedite loans that encourage progress. By putting our confidence in the deals, we’re putting our confidence in the ultimate growth of the economy.”

In the largest deal, totaling some $30 million, Kennedy funded residential projects being done by the Anderson, SC-based Legasus Properties. $20.5 million of that went to pay off existing debt and fund improvements for phase one of the Tuckasegee neighborhood of Legasus’ 677-acre River Rock community in Cashiers, NC. The remaining $9.5 million of funding refinances present debt for renovations of a community center, completion of a pavilion and infrastructure improvements for Legasus’ 500-acre High Grove Estates in Whittier, NC.

The third deal involved a twofold collateral package combining raw property and an existing commercial structure in St. Thomas, Virgin Island. The St. Thomas-based Wintdots Development received $6.5 million to build out 22 acres of vacant land with an existing 6,000-sf building as 80 condo units in five buildings, a clubhouse and recreational amenities.

“We do not shy away from raw land collateral,” Wolfer says. “Acting quickly on loans based on extensive research, collateralized property energizes clients who may have been roadblocked by traditional lenders.”

The final transaction for $1.5 million went to MOA Properties to restructure a mid-2007 loan. Since then, the company had sold two of the four hotels that served as original collateral. The new loan’s collateral involves a Super 8 Motel in Louisville, KY and a Days Inn in Greenwood, SC. Both are under long-term lease agreements and currently undergoing renovations.

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