$15.5 Million Loan From Kennedy Funding Helps Developer Bring an International Flavor to Chamblee, Georgia

HACKENSACK, N.J., Feb. 15 /PRNewswire/ -- Kennedy Funding (www.kennedyfunding.com), the industry's leading direct private lender headquartered in Hackensack, New Jersey, announced that it has closed a $15.5 million loan to Archetype Development Group, LLLP in Chamblee, Georgia.

Charles Schmandt owned an interest, through Archetype Development Group in a 30-acre tract of land and wanted to develop the property into the International Village at Chamblee. When completed, the 500,000-square-foot mixed use project would have several ethnic restaurants, a 92,000-square foot office/international trade building, a hotel, a convention center, an amphitheater, 179,000 square feet of office/retail space, a supermarket, 83,000 square feet of public market and arcade, and a 17,000-square foot performing arts studio, complete with a possible museum. It was a sizeable project which would bring a decided cultural influence to the city, and Schmandt was anxious to begin.

He needed a loan to start development, as well as to complete a buy-out of his partners. And he was discovering that such an ambitious and complex deal was beyond the will or ability of the lenders with whom he was talking. Luckily, he had done business previously with a lender he was certain could help quickly. So he called Kennedy Funding.

Kennedy Funding, is the industry's leading situational lender, specializing in speed, flexibility, and reasonable rates. Over the years, Kennedy Funding has built a reputation of being the lender that can make the 'impossible' deals happen, offering an alternative to conventional lenders which can't -- or won't -- offer borrowers the kind of one-on-one attention and creativity that every loan deserves. "We understand that each loan has its own unique traits," said Jeffery Wolfer, Kennedy President and Co-CEO. "Frankly, we enjoy the difficult deals that others won't accept, because we know we can solve them. And in this case, we understood Charles' vision for Chamblee and agreed with it, and the city of Chamblee did, too. We're glad to have been the ones who could help, especially for a repeat customer such as Charles."

Wolfer also noted that, although Chamblee comprises only 3.5 square miles, the city has experienced a healthy and steady increase in developmental activity. The Federal Reserve Regional Offices are located there, as well as labs and offices for the CDC (Center for Disease Control), which is undergoing a major expansion that will add over 700,000 square feet and increase employment to over 4,000 in ten years. Schmandt's International Village will be a destination development, providing a mix of services not available in any one location. "In addition, " added Wolfer, "since the area already has a mix of different ethnicities, this new project will enjoy an even greater degree of synergy."

Kennedy Funding's streamlined evaluation process gives them the ability to issue loan commitments in as little as 24 hours, with closings in as little as five days, and often in no more than two weeks. With a deep source of funds at their disposal, available loans range from $1 million to $100 million and more when the need is there. Part of their competitive advantage stems from a policy based upon flexibility, as witnessed by their willingness to accept raw land as collateral, and to fund developments in international locales as far-flung as Fiji.

While specializing in commercial real estate loans, Kennedy has funded such diverse enterprises as high-profile golf courses, amusement parks, TV and radio stations, airlines, and sports complexes, among others. Professionals including land-use developers, resort builders, entrepreneurs, and prominent businessmen have used the services of Kennedy Funding to great success. They can fund up to 75% loan-to-value for commercial land development, acquisitions, workouts, refinancing, bankruptcies, and foreclosures.

www.kennedyfunding.com

SOURCE Kennedy Funding

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David Green
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