HACKENSACK, N.J., April 5 /PRNewswire/ -- Kennedy Funding, Inc. today announced that it closed a multi-million dollar luxury residential development loan to M Group Resorts S.A. / Exquisite Caribbean Resorts d/b/a The Jalousie Enclave. The loan is to finance the construction of the Jalousie Enclave, that will be an extension of the famous $40 million Jalousie Plantation – also built by M Group – in St. Lucia, West Indies. Financed by direct private lender Kennedy Funding, the loan will provide working capital to complete the Jalousie Enclave and to commence construction of infrastructure improvements.
"This type of project is very ambitious in the current environment when so many traditional lenders will not provide developers with desperately needed luxury residential development loans," said Jeffrey Wolfer, President and Co-CEO of Kennedy Funding. "As a direct private lender, we are able to look at the potential of the land to close the loan quickly, helping to complete projects and create jobs."
In addition to building the Jalousie Enclave, the Jalousie Plantation is undergoing a $150 million renovation and will soon be renamed the Tides at Sugar Beach – operated by the Viceroy Hotel Group. The Jalousie Plantation – home to ABC's recent The Bachelor: On the Wings of Love finale – is a first-class resort, located on 129 acres of beach front property, and is listed as one of UNESCO's 820 "World Heritage Sites."
"We dreamed up the idea for the Jalousie Enclave back in 1989, so we are very excited to get the capital we needed to get this project underway," said Pascal Mahvi, President of M Group Resorts S.A. "Thanks to the loan that Kennedy Funding provided, we are able to make this dream a reality and also help support the St. Lucia community by creating nearly 300 jobs and generating more revenue for the local businesses," he said. "The Jalousie Enclave will be the only gated luxury residential community in a World Heritage Site."
"It is incredibly difficult to secure loans for commercial projects, particularly for luxury residential developments in the Caribbean," said Ed Wegel, CEO of Liberator Capitol. "We are very pleased that Kennedy Funding was able to come through for us at a time when commercial lending is so tight everywhere so that this project could get funded."
About Kennedy Funding, Inc.
Kennedy Funding is a commercial real estate lender that specializes in unconventional financing where speed and attention to special circumstances are critical. Its unique lending program has made Kennedy Funding one of the largest direct private lenders in the country. Since 1987, Kennedy Funding has invested more than $1.8 billion to help build hundreds of projects and put thousands of Americans to work in communities across the nation. Among the hundreds of successful deals Kennedy Funding has closed are land developments and construction projects, casinos, commercial and industrial projects, retail centers, residential communities, golf courses, beachfront resorts and ski areas. Visit Kennedy Funding's website, Twitter feed, or YouTube channel for more information: http://www.kennedyfunding.com/home.html.
SOURCE Kennedy Funding, Inc.