Hackensack, New Jersey, Buena Vista Corporation has made a strong move into the active Orange County, Florida, real estate market.
The sweeping 214-acre tract known as Marbella is located just a few miles from the gates of Disney World. The land is zoned for mixed use, and Buena Vista is currently completing plans for the site. The first phase, scheduled to open in 2008, will include a condominium hotel, and proposed high-end retail center, time shares, and vacation homes. Four restaurants on Lake Ruby could well become destination eating establishments for the entire area.
The sheer size of the property and popularity of the area creates tremendous potential in terms of how the land is developed.
The $40 million loan was brokered by Meridian Capital Group, a leading mortgage brokerage firm. Avi Fuchs, from Meridian's Florida office, said this about the deal: "We started with a very short window in which to close this transaction. We knew that Kennedy Funding had a reputation for time-of-the-essence closings, and that's why we used them. It was poetry in motion even to the finish."
Sham Maharaj, principal of Buena Vista Corporation, noted that Jeffrey Wolfer, President and co-CEO of Kennedy Funding, was instrumental in the transaction. "Jeff Wolfer was able to overcome any issues, and worked closely to get this deal put to bed. It was a pleasure doing business with him and we look forward to doing more business with Kennedy Funding in the future."
Mr. Wolfer said that loans of this magnitude (and greater) are becoming the norm for Kennedy Funding. "We do what we do with skill and due diligence, and we are not subject to the lending parameters of traditional lenders--thus we can go further and lend more than conventional sources. Our loan capacity is basically as large as any given deal requires, and we can execute with speed and finesse.
"For this particular transaction, we brought plenty of experience to the table. The active Florida real estate market is an area we have serviced before. And with the building boom so constant and consistent, we are poised to continue serving developers--with loans of 'whatever-amount-it-takes' to get the deal done."
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 2 points.
FindArticles > Real Estate Weekly > Oct 5, 2005 > Article > Print friendly
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