Green light for Kennedy loan.The winners of a HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. foreclosure foreclosureLegal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. of 190 apartments in various stages of completion on 20 acres near scenic Lake Michigan had a serious financial issue on their hands: close on the appointed date, or face an extension fee penalty of roughly $9000 a day. Fortunately, they came to Kennedy Funding, a direct private lender based in Hackensack, New Jersey, and came away with a $5.5 million dollar loan to complete the transaction. Construction on the Hideaway at the Lakeshore Apartments in Grand Haven Grand Haven, city (1990 pop. 11,951), seat of Ottawa co., SW Mich., at the mouth of the Grand River; inc. 1867. It is a port on Lake Michigan that ships sand and gravel. Grand Haven manufactures fabricated-metal and paper products. Township township: see town. , Michigan, had fallen by the wayside after a previous developer defaulted due to design changes. Enter two key players: Star Heaven, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , determined to purchase and complete the project, and Kennedy Funding, just as determined to provide financing to complete the deal. Kevin Wolfer, Co-CEO of Kennedy Funding, observed that the housing boom that has swept the nation has included areas like upper Michigan. "Multifamily housing is being built all around the area of the Hideaway apartments. Kennedy's expertise in real estate loans, plus our experience in time-is-of-the-essence situations, made this loan possible. Our appraisal noted a sizeable potential market, a well-kept middle income neighborhood, and a steady demand--all adding up to a green light." |
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