Recent Canadian Closings

Here are some of our international loans.  What Kennedy did for them, we can probably do for you.

$2.9 Million Loan from Kennedy Funding Helps Canadian Investor Plunge into the Hotel Business

Hackensack, NJ – Investor Daniel Lee of Speed Group, Inc. knows good deals when he sees them. So when he saw the Falls Plaza Hotel in Niagara Falls, Ontario, Canada being sold, he knew he would buy it. The 1.59-acre property includes a 113-room, 11-story tower hotel, a 32-room, two-story motel, and a 403-seat restaurant. The property paralleled the Niagara River, and Lee wanted to either re-sell the property fast, do some refurbishing and cosmetic makeovers first, or complete the makeovers and operate it himself before it sold. And all Lee needed was to get an acquisition loan to complete the deal and start things moving.

However, finding a lender who could, and would, fund Mr. Lee's acquisition wasn't a simple task. As it turned out, there were contractual issues with the seller of the hotel, and some building structural concerns, all needing to be attended to. Fortunately, Lee met Kennedy Funding through Meridian Capital Group, a leading mortgage firm that brokered the $2.9 million loan. Emanuel Westfried, the Meridian broker, said, "I had worked with Kennedy once before, and I knew what they could do. For a deal like this one, taking place out of the country, with several issues, most lenders wouldn't have even gotten involved. But we knew Kennedy could deal with the problems, close the deal, and close it quickly, so we didn't hesitate to go back to them. And they did it."

Kennedy’s Jeffrey Wolfer, President and co-CEO, commented, "We've distinguished ourselves in two distinct areas: flexibility and speed. We saw a need in the marketplace for creative financing that could overcome the obstacles imposed by traditional lending institutions and conventional loan requirements. We're known as being able to close some of the toughest loans out there, and quickly." The Speed Group, Inc. deal was a case in point, he said. "There were some issues to be dealt with, but the Niagara Falls area is a popular summer vacation destination, there will always be a market for reasonably priced hotel rooms geared towards families, and Lee got the property for a good price. We had no problem making the deal."

Daniel Lee also seemed happy. "Kennedy Funding understood the complications in the loan very well. They were very knowledgeable about every aspect of the deal, in fact. There was a good synergy between everyone involved, from beginning to end, and we're very happy with their professionalism -- and with the hotel."

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