The Hedge Funds Weblog
Kennedy Closes Deal With Hedge Fund for 119 Hurricane Struck Homes
Trinity Development Partners along with equity partner Stillwater Capital Partners, a NY-based hedge fund, closed a $23.3 million deal with private lender Kennedy Funding for a waterfront real estate purchase in West Palm Beach, Florida.
The hedge fund partners borrowed the funds for a complete renovation of the 119 homes that were damaged after back-to-back hurricanes Frances and Jeanne pounded the area relentlessly in 2004, and Hurricane Wilma added further damage in 2005.
Jeffrey Wolfer, President and Co-CEO of Kennedy Funding said, "With this many unique and unusual circumstances, a loan like this wouldn't meet the criteria of traditional lenders…….That's why it's called situational lending-we consider each situation individually and evaluate it as such."
Nice to see some progress is being made, although I still think two years was a bit long to wait.
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