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Kennedy answers developer's call.

The owner/developer of an Acapulco gaming establishment is benefiting from a $4,000,000 expansion loan from direct private lender Kennedy Funding, based in Hackensack, New Jersey.

The funds will allow them to expand their holdings into Mexico City, at a time when literally none of the banks in Mexico will finance commercial deals.

The plans for Mexico City focus on the conversion of a warehouse into two big bingo entertainment complexes.

Developer Carlos Riva Palacio Magana has had similar success in Acapulco, where he has property that fronts an entire city block in the Colonia Icacos section. That property, serving as collateral for the Mexico City development, was personally designed by Magana.

"The Acapulco business is thriving," remarked Carlos Buchanan II, CEO of Buchanan Ventures in Houston, Texas, financial advisors to the project. "But when Carlos Magana sought to expand and take full advantage of his existing permits, the money was impossible to find. We talked to everybody in Mexico without success. Traditional sources simply would not commit to this project, despite a history of proven value.

"Highly regulated gaming establishments are difficult to fund in the U.S. as well, but after an exhaustive search, Kennedy Funding was the answer. They did a standard commercial deal and they did it very quickly. Kennedy got it done."

Jeffrey Wolfer, president of Kennedy Funding, added that a "business with a proven track record has earned the right to grow. At Kennedy Funding, we regularly support expansion of all kinds of legitimate businesses."
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Title Annotation:Finance; Kennedy Funding
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Mar 9, 2005
Words:253
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