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.