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PR Newswire (U.S.)
New Resort To Rise On Sandy Beach In Puerto Rico, Thanks To Loan From Private Lender Kennedy Funding
19 January 2005
HACKENSACK, N.J., Jan. 19 /PRNewswire/ -- Sixty beachfront acres in scenic Arroyo, Puerto Rico, will become the island's latest destination hotel/resort, thanks to a $1,000,000 loan from Kennedy Funding, a direct private lender based in Hackensack, New Jersey.
Kennedy Funding continues its international outreach with this loan, which is the latest project on a lengthening list that includes Fiji, the Virgin Islands, and Mexico, as well as parts of Europe and Asia. With the banks in many countries particularly reluctant to lend against undeveloped land, Kennedy Funding has established a reputation as a 'go-to' funding source for projects such as the one in Puerto Rico.
Arroyo is about an 80-minute drive southeast of San Juan, and 30 miles east of the city of Ponce. The vacant land, heavily forested with coconut palm trees, boasts 4,000 linear feet of water frontage along the South Caribbean Sea. Overall, the 60 acres of prime agricultural land is beautiful and lush, and the owner/developer has received preliminary approval to rezone for use as a tourism location. The town of Arroyo is already considered a vacation spot for native Puerto Ricans, and local awareness is high. Transforming this parcel into a destination hotel and resort remains both a challenge and a major opportunity.
Jeffrey Wolfer, president of Kennedy Funding, is of the opinion that Palmas Development, LLC, has the capability and the determination to make a success of this project. "They have a clear vision for these 60 beautiful acres, and it is the kind of forward-thinking, positive land use that Kennedy believes in. We fund developments of this sort all over the world, wherever we find a business that has everything in place, except funds."
Kennedy Funding offers loans to an increasingly wide range of borrowers, from land-use developers to resort builders, entrepreneurs, and businessmen. They have the resources to arrange for financing from $1 million to $100 million, making loan commitments in as little as 24 hours, and closing quickly, often in just 2 weeks.
While specializing in commercial real estate loans, Kennedy Funding has expanded its scope of lending to include a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, and sports complexes, among others. Their extensive knowledge base and solid reputation has seen them manage everything from the most complex of financial transactions to simple acquisitions, workouts, refinancing, bankruptcies, and foreclosures.
Web site: http://www.kennedyfunding.com/
CONTACT: David Green, Public Relations Division, of Results, Inc.,+1-201-288-7888, for Kennedy Funding