Monday, March 24, 2014
Monday, March 24, 2014
ENGLEWOOD CLIFFS, N.J., March 21, 2014 /PRNewswire/ — Kennedy Funding has completed a $5.17 million loan by Grand Pointe Lender Ltd. to borrower Grand Pointe Investments, Ltd. The four-year-interest only financing is secured by four oceanfront residential parcels with five residences and additional land, altogether totaling 15.5 acres, on Man O War Cay, Sea Glass Found, Abaco, Bahamas. Each of the five residential parcels consists of a main residence and a guest cottage.
“The property has a very interesting history,” said Kevin Wolfer, president and CEO of Kennedy Funding, the Englewood, NJ-based direct private lender. “It consists of the long-time former family compound and estate of the Parker Family of Parker Games fame–Monopoly and other well-known board games.”
The Orlando, FL-based Grand Pointe Investments, headed by John C. Gray, Jr., acquired the property 10 years ago from the Parker Family and, “has made extensive improvements since,” said Wolfer. “With 15.5 acres and five private beaches on its own peninsula, this property is clearly the ‘jewel of the Abacos.'”
The borrower has been restoring the Parker Family compound and estate, and intends to retain ownership of one of the five residences while marketing the others for sale. Because of the site’s historic significance and prime location, the project has required close cooperation with the local district council and the Bahamian government.
Now known as Sea Glass Found, the $20 million project is well underway, an effort that includes restoring the site’s harbor and marina. The latter effort will allow berthing for yachts up to 140 feet in length and averaging 80-90 feet to dock safely in a protected “hurricane hole.”
The financing will be utilized by the borrower to retire $3.5 million of existing debt, and the remainder for working capital–the borrower’s other properties include two office condominiums in Lake Mary, FL, and 42 single-family lots at Stone Island,Enterprise, FL.
Kennedy Funding, America’s leading direct private lender, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billionin loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.