$47.143 Million Loan From Kennedy Funding Helps Idyllic Community Take Off in Eagle County, Colorado
HACKENSACK, N.J., Nov. 6 /PRNewswire/ — 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.
In the beginning, things were proceeding admirably. The area attracted buyers, lots were selling briskly, and the golf course was under construction. As is often the case, however, more funding was needed, and Clearwater went looking for a loan. Thinking they had found a lender with whom they could deal, negotiations began. But after some time, with the loan taking so long, construction eventually ceased. Then, when it finally became apparent that the loan would not close, sales ceased as well.
So Hatle did the right thing and contacted Kennedy Funding.
Headquartered in Hackensack, New Jersey, Kennedy Funding is one of the largest direct private lenders in the industry. Providing two commodities in short supply from other lenders — speed and flexibility — Kennedy specializes in making the 'impossible deals' look not only possible but downright easy.
Said Kennedy President and Co-CEO Jeffrey Wolfer, “Russ had the unfortunate experience of trying to deal with a lender who wasn't up to the task. We've been doing deals similar to this for quite some time, however, and we liked what we saw of Russ's plan. Eagle County is one of the few areas in the domestic landscape that is actually flourishing, and there is great interest in living there, with none of the slowdown blanketing most of the country. Housing starts this year have actually been breaking records month after month, with no sign of slowing. All Clearwater needed was a loan to recommence and complete construction on the golf course, some residential lots, and the Lake House. According to other similar developments, the listed prices are reasonable, and the product is very saleable. So we ended up making the loan with little or no wrinkles — and we'd do it again, without hesitation.”
Said Jim Higgins, Clearwater CFO and acting CEO, “This was a complicated transaction. There were some issues involved, and it took time in which to resolve them. But Kennedy responded professionally all the way down the line. They came through for us with a $47 million-plus loan, and everyone here is more than pleased with the result.”
Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as little as five days and, in some cases when time is of the essence, even faster. Available financing ranges from $1 million to over $100 million, with rates as low as 9% and 3 points. The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and they focus a great deal of collective expertise and dedication upon each loan application.
While Kennedy specializes in commercial real estate bridge loans, their flexibility and diversity has also resulted in loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, and sports complexes. Across the country and around the world, Kennedy has produced funds for conventional and unconventional projects, often succeeding when other financial institutions cannot. They can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.
SOURCE Kennedy Funding
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