8A — June 18 - July 22, 2021 — Creative Financing — Financial Digest — M id A tlantic Real Estate Journal
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C reative F inancing
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E Firm’s fifth loan in the Caribbean since the Pandemic KennedyFundingcloses$2.3M loan for mixed-use property
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more reluctant to fund overseas ventures, as they would rather pursue low-risk stateside de - velopment opportunities and avoid the potentially challeng - ing situations that may arise. As a result, foreign developers would be hard-pressed to find a U.S.-based traditional lender willing to take the risk. “To close a loan outside the U.S., you must have a knowl - edge of local laws, regulations, and requirements. Each Carib - bean nation has its own set of challenges,” adds Wolfer. “It’s rewarding when you can get another loan to the closing table.” Kennedy has closed over $3 billion in loans throughout the world, including Jamaica, The Bahamas, Brazil, Belize, Co - lombia, and Canada, to name a few. “We have consistently closed loans abroad for years, while other lenders flat-out say ‘no’ to these types of deals,” Wolfer said. “Through years of hands- on experience closing loans for all types of deals, we have shown time and again that we can help borrowers just like Atlantic Ocean Partners access the capital they need for lucrative opportunities around the world.” MAREJ
N G L E W O O D CLIFFS, NJ — An investment group in the Dominican Republic has turned to Kennedy Fund- ing to secure a loan for their beachfront property on the country’s northern coast. The Englewood Cliffs, New Jersey-based direct private lender closed a $2.3 million loan to Atlantic Ocean Part- ners, LLC , for a 60.48-acre tract on Playa Diamante, in the province of Maria Trinidad Sanchez. Loan proceeds will be used for debt payoff and working capital. “Atlantic Ocean Partners came to Kennedy because they know firsthand that we have the knowledge, experience, and track record to close the deal,” said Kevin Wolfer , CEO, Kennedy Funding. “We take great pride in knowing that our firm has garnered a worldwide reputation for closing loans when traditional lenders cannot.” The site on Playa Diamante is approved for a mixed-use resort and residential develop - ment; the property is zoned for agricultural, residential, and touristic use. The borrower had purchased the property outright for $4.945 million in
Representative photo 2008. According to Wolfer, while the COVID-19 pandemic has slowed international tourism, the Dominican Republic will experience a resurgence in vacationers from all over the globe as virus transmission slows and when travel restric - tions loosen. However, even with such uncertain circum - stances, Kennedy Funding’s familiarity with the economic landscape of the Dominican Republic allowed them to say “yes” to Atlantic Ocean Part - ners’ loan request. Playa Diamante is in a se - cluded, undeveloped area; the beach is well-known for white, sandy shores and warmwater. It is easily accessible by bus and by vehicle via Rte.5, a main thoroughfare on the Do - minican Republic’s northern coast. “Tourism will come bouncing back after the COVID-19 pan - demic ends,” Wolfer said. Wolfer noted that banks and other conventional lenders are
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