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 (middle left photo)MIAMI, FL/PRNewswire/ -- 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 (tmiddle right photo) building overlooking Biscayne Bay (middle left photo) 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 d
edicated parking spaces (50 more than required for the space) in the condominium building's multi-level garage.
edicated parking spaces (50 more than required for the space) in the condominium building's multi-level garage.The borrower is an experienced commercial developer with a track record that includes numerous commercial real estate purchases.
Relying on an excellent credit history, the borrower has consistently secured financing through traditional sources -- mainly bank loans -- for past purchases.
Enter the credit crunch and economic uncertainty of 2008, and even such an exceptionally strong borrower would find it impossible to close a conventional loan.
It took Kennedy Funding of Hackensack, New Jersey, to bring immediate action and fund the deal.
While the Miami real estate market, like many throughout the country, is suffering, prime waterfront properties have done a bett
er job of holding onto their value.
er job of holding onto their value. The upscale residential portion of the Marina Blue condominium tower is more than 90% sold and occupied.
After detailed analysis of the market, the property, the collateral and other relevant factors, Kennedy saw sufficient potential in the commercial space to approve the $10,140,000 loan to 888 Biscayne Enterprises, LLC.
"It's unfortunate that other lenders will completely rule out a type of development or an entire geographical area without considering specific circumstances and situations," notes Jeffrey Wolfer, (top left photo) President and Co-CEO of Kennedy Funding.
He continued, "A closer look at this property, the buyers attracted to the residential units, the commercial spaces in the areas immediately surrounding it, and we were able to close the loan quickly.(American Airlines Arena, Miami, middle right photo)
"With the nearby arena, performing arts center (bottom left photo) and the site for the new Miami Art Museum, the area is really going to be spectacular. Virtually no one is closing loans any more. Even on deals where the collateral is strong and the developer's credit is excellent.
"That's why more and more borrowers are coming to us sooner. They know we don't just stop lending on certain types of projects or in certain areas. We dig deeper --- we don't make a decision until we look at and evaluate the specifics."
"With the nearby arena, performing arts center (bottom left photo) and the site for the new Miami Art Museum, the area is really going to be spectacular. Virtually no one is closing loans any more. Even on deals where the collateral is strong and the developer's credit is excellent.
"That's why more and more borrowers are coming to us sooner. They know we don't just stop lending on certain types of projects or in certain areas. We dig deeper --- we don't make a decision until we look at and evaluate the specifics."
Kennedy Funding is a pioneer in the category of "situational lending," providing loans of $1 million to $100 million or more with commitments in as little as 24 hours and closings
in as quickly as five days.
in as quickly as five days.As the leader in direct private lending, Kennedy has extensive experience in funding in a wide range of business sectors.
Unlike the methods used by many traditional lenders, Kennedy sees each borrower as unique, evaluating each situation individually.
Specializing in commercial real estate bridge loans for domestic and global clients, Kennedy provides up to 65% loan-to-value for land acquisition, development, refinancing, construction, bank workouts, bankruptcies and foreclosures.
Across the nation and around the world, Kennedy has produced funding for 
conventional and unconventional projects, often succeeding when other financial institutions cannot.
conventional and unconventional projects, often succeeding when other financial institutions cannot.CONTACT: David Green for Kennedy Funding, +1-201-288-7888, davidgreen@resultsinc.com
Web Site: http://www.kennedyfunding.com/
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