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Kennedy Closes Deal With Hedge Fund for 119 Hurricane Struck Homes

Filed in archive Hedgetalk by Alex Akesson on February 5, 2007

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 hurricaneslinks 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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