HACKENSACK, N.J., September 17 -- MOA Hospitality, Inc., a nationwide hotel owner and operator, owned a 7+-acre tract of land in the town of Cody, Wyoming, very close to Yellowstone National Park. At first, they had considered selling the property but, upon reflection, decided to develop the land themselves. They planned for two hotels: a four-star project on the eastern half of the site consisting of three floors and 75 rooms, and a smaller 66-room hotel on the western half flying the Super 8 flag.
As the project neared final approval, MOA was getting excited and anxious to begin. Yellowstone Park was a perennial favorite destination for millions of visitors annually, and the town of Cody itself enjoyed a reputation built upon William ‘Buffalo Bill’ Cody, the legendary showman and cowboy figure of yesteryear. Actually, the entire city is adorned with Buffalo Bill Cody memorabilia, and he himself had built a hotel in the center of town that is still popular today. In fact, MOA had named their 4-star hotel The Cody, and were confident that their new lodgings would attract ample visitors. Thus, they broke ground and began building their four-star hotel.
So when it came time to look for a construction loan with which to finish the project, MOA knew exactly where to go: Kennedy Funding, the lender who had made them a previous loan less than a month before, secured by a 3-hotel portfolio.
Kennedy Funding, headquartered in Hackensack, New Jersey, is one of the industry’s most successful direct private lenders. This is because they differ from conventional lending institutions in several important areas. Since their inception in 1987, Kennedy has specialized in closing loans quickly – more quickly, in fact, than virtually anyone else. They’re also firm adherents of flexibility; their expertise allows them to find a means to close the most difficult loans out there, even those which other lenders won’t consider, because Kennedy looks at each loan on its own merits. There are no ‘cookie-cutter’ parameters applied to each transaction; rather, every loan is viewed as unique, and considered accordingly.
Said Kennedy President and Co-CEO Jeffrey Wolfer, “We’re proud of our ability to accomplish things that traditional lenders can’t. We don’t allow apparent difficulties or complications to deter us. Having been in the business for decades, we’re familiar with practically every kind of deal, and we really have ‘seen it all.’ We had worked with MOA just recently, were happy to take a look at their newest proposal, and we liked what we saw. Cody is a popular city and attracts large numbers of visitors about 8 months out of the year or more. It’s not just Yellowstone, either, but the entire mystique of Buffalo Bill that draws so many tourists. We knew that MOA’s hotels would be excellent investments, and had no problem in making the loan.”
Larry Lopater, CFO of MOA Hospitality, added, “Kennedy is amazingly easy to do business with. This is the second loan transaction we have done with them, and I have nothing but nice things to say. Jonathan Weiner, especially, was professional and courteous every step of the way, and made it his goal to conclude the deal as quickly and smoothly as possible. I would not hesitate for even a second to deal with Kennedy again tomorrow.”
Kennedy Funding can issue loan commitments in as little as 24 hours, which often leads to closings in as few as five days and, in some cases when time is critical, even less. Available financing ranges from $1 million to over $100 million, with rates as low as 12% and three points. The staff at Kennedy Funding is skilled in a wide range of business sectors beyond financing, and focuses an impressive amount of expertise, experience, and dedication on each loan request.
While specializing in commercial real estate bridge loans, Kennedy’s flexibility and diversity has also produced loans for a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, even sports complexes. Throughout the world, Kennedy has delivered funds for conventional and unconventional projects, often succeeding where other financial institutions cannot or will not. Kennedy can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.
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