Kennedy loan is right prescription

Real Estate Weekly,  Oct 17, 2007  

• E-mail
• Print
• Link

The Blackwell Human Services Campus in Philadelphia, Pennsylvania, has been instrumental in providing humane treatment for some of society's most disenfranchised individuals, the mentally ill, since the 19th century.

The Center developed a reputation for innovation in the clinical and psychological arenas and today, Blackwell provides care to people suffering from depression, schizophrenia, alcoholism, and drug addiction.

Sadly, however, all was not well with Blackwell itself, and they urgently needed help in the summer of 2007.

Three years previously, the company had emerged from bankruptcy and acquired a sizeable mortgage with a three-year note that supposedly gave them time to arrange long-term financing. But the maturity of the note was moved up two months, and increased by almost $1 million. Without long-term financing in place, Blackwell's future was in extreme jeopardy. It looked as though a long and noble history would soon be erased. Hundreds of dedicated people would be out of work. And an untold number of sick and severely dependent individuals would literally be on the street. All Blackwell could do was to seek an expeditious loan, offering the 21 campus acres and existing improvements as collateral. It was feared, though, that the deal's inherent difficulties were making it virtually impossible for Blackwell to find a suitable lender, let alone one able to move as quickly as necessary.

It was fortunate for everyone concerned that Blackwell contacted Kennedy Funding. Kennedy Funding, headquartered in Hackensack, New Jersey, is the industry's leading direct private lender. Kennedy was founded in 1987 with two basic principles in mind: speed and flexibility. Based on these two guiding tenets, Kennedy is able to deliver multimillion-dollar loans in days in-stead of weeks or months. Because of their flexibility nd creativity, they are also able to consistently take hat others consider to be 'tough' or 'problematic' loans, and close them successfully, giving rise to an acknowledgement in the industry that Kennedy can all but 'do the impossible.'

"We pride ourselves on being able to close loans quickly, even when other, more conservative institutions refuse even to consider them because of complexity or difficulty," said Jeffrey Wolfer, Kennedy President and Co-CEO. "That's what sets us apart in the industry. In the case of Blackwell, we were determined to make the loan happen. After looking at their history, and meeting and speaking with the people there, we all agreed that to let this institution disappear would be a tragedy. They had accomplished, and were still accomplishing, too much positive work to allow anything to stop it. Admittedly, there were some hurdles we had to get over, but we have dealt with such things many times before. So after evaluating everything and coming up with a strategy, we went to work. The bottom line is that we were able to close Blackwell's loan quickly and successfully, and they can continue to provide the kind of care that they've become known for. It felt good to be there for them."

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning