Kennedy Funding Closes $2.3 Million Loan on Elvis Presley's former 240-Acre Mississippi Ranch
Site is occupied by the multi-building Circle G Ranch once owned by 'The King'
HORN LAKE, Miss., June 4, 2014 /PRNewswire/ -- The famous 'Circle G Ranch,' once known as the Elvis Ranch after music legend Elvis Presley, has been purchased.
Kennedy Funding Financial, a direct private lender in Englewood Cliffs, New Jersey announced that it has completed a $2.3 million loan by HL3 Lender, LLC, to HL3, LLC, a three-year, interest-only loan secured by a first lien on the 240-acre property in Horn Lake, Mississippi. The borrower is acquiring the historic property for $3.65 million.
Located in DeSoto County near Memphis, Tennessee, The Circle G Ranch was named as a tribute to Elvis' mother, Gladys.
Originally purchased by The King in 1967 for a mere $300,000, the ranch was a frequented getaway spot from hectic rock star life. Perhaps most notably, it served as the location of Elvis and Priscilla's honeymoon following their spring wedding.
With his Graceland estate only ten miles away, Elvis fans touring the area are conveniently inclined to make a trip to the ranch.
"It was during his ownership of this property that Elvis became truly famous in popular culture," said Kevin Wolfer, president and CEO of the Englewood Cliffs, NJ-based Kennedy Funding Financial. "The new owner will have a number of options for preserving and making the best possible use of this extraordinary property."
Of the ranch's 240 acres, 232 acres are usable, and existing facilities include a 5,028 square foot personal residence, a honeymoon cottage, a 3,000 square foot restaurant, and four wood-framed barns purportedly utilized by Elvis Presley to house a number of animals he kept on-site at Circle G.
The property has been proposed for use by the Circle G Foundation as a center for the disabled and disadvantaged, and is also cleared for a variety of cultural and sporting activities.
"The well-located Circle G Ranch has considerable up-side potential," said Wolfer. "Much of its on-site facilities are in need of repair, and the intention is to implement those upgrades to preserve its historical significance and its adaptive reuse. Its location near Memphis makes it a natural for music-related cultural events, for example."
Kennedy Funding, one of the largest direct private lenders in the country, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The principals of the company have closed over $2.5 billion in loans to date. The firm's creative financing expertise enables the closing of equity-based loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.
SOURCE Kennedy Funding
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