Kennedy Funding closes on Niagara Falls loan.

Investor Daniel Lee of Speed Group, Inc. knows a great deal when he sees one. And when he saw the Falls Plaza Hotel in Niagara Falls, Ontario, Canada being sold at auction, he knew he wanted it.

The 1.59-acre property includes a 113-room, 11-storey tower hotel, a 32-room, two-storey motel, and a 403-seat restaurant. Located on Ferry Street, the property paralleled the Niagara River. Lee's plan was to either re-sell the property relatively quickly, invest in some refurbishing and cosmetic makeovers and then sell it, or complete the makeovers and operate it himself until it sold.

In any event, all Lee needed was to locate and secure an acquisition loan to complete the deal and set things in motion.

As it turned out, finding a lender ready, willing, and able to fund Mr. Lee's acquisition wasn't an easy task.

Apparently, there were contractual issues with the seller of the hotel, and certain building structural concerns which needed to be addressed. Fortunately, Lee was put into contact with 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."