Kennedy Funding loan helps make resort purchase a reality.

Elliot Spitzer not only wanted to purchase the Hudson Valley Resort & Spa on over 550 acres in Kerhonkson, New York--he wanted to re-position and develop the property into something far more than it was.

The 332-guest room resort complex consists of the hotel tower with six floors of guest rooms, plus wings containing additional rooms and 40,000+ s/f of convention space. It also includes a grand ballroom, 7,000+ s/f amphitheater, an 18-hole golf course with driving range and miniature golf, an attached restaurant with its own kitchen, a modern spa/fitness center, an indoor and outdoor swimming pool, tennis courts, and a playground.

It's true that the resort had been more or less breaking even for the past five years, and the surrounding acres of vacant land were just that--vacant.

But Spitzer, of Everyday Logistics LLC, had a plan: He would re-target the hotel's prospective clientele, focusing on the significant Jewish population that traditionally visits the area, and he would develop the vacant land into 250+ single-family lots.

It's a grand vision. And Kennedy Funding, a direct private lender in Hackensack, New Jersey, shared that vision, agreeing to a $9.78 million acquisition loan. Jeffrey Wolfer, president and co-CEO of Kennedy Funding, played a key role in the transaction.

"The resort had been kept in very good condition, and showed few signs of deferred maintenance," he said. "The potential of the site is as a resort, and the spa will fit very well into that plan, especially during the winter with the slopes nearby. We're confident it will work, and we're happy to have been of service."

"We developed a very good working relationship," said Spitzer about Kennedy Funding. "Everyone was professional all the way, and they did exactly what they said they would do."

The $9.78 million loan was brokered by Meridian Capital Group, one of the nation's leading mortgage brokerage firms.

According to Allan Rich, a Meridian broker, "Jeffrey Wolfer was the model of professionalism throughout this transaction. He was thorough, patient, and downright tenacious in seeing that everything went as smoothly as possible. In fact, I think Kennedy Funding went above and beyond the call of duty."