HACKENSACK, N.J., April 18 /PRNewswire/ -- The former hospital at 3300 Henry Avenue had new owners in WMCH, Inc. a non-profit organization created by the Commonwealth of Pennsylvania-but no money for tenant fit out/improvement and working capital. With no historical cash flow, very few tenants, minimal income, and no guarantees, with only projections to go by, all the traditional lenders passed. It took a $5.325 million loan from Kennedy Funding, a direct private lender based in Hackensack, New Jersey, to breathe life into this operation.
WMCH was granted the right to take over and manage four interconnected buildings on Henry Avenue in Philadelphia, including a former hospital, office and mixed-use space, and a six-story parking garage. The mission: turn the nearly 627,000 sq. ft. of space into a “healthplex” serving the medical needs of the Philadelphia community, leasing out the space for various medical services. In previous incarnations, the property had been known as MCP Hospital under Allegheny Health Systems and more recently a non-profit corporation owned by Tenet Health. At one point in the recent past a portion had been operated as the Women’s Medical Hospital.
All of these institutions fell by the wayside, either through bankruptcy or failure to live up to an operating agreement with the Commonwealth of Philadelphia. And so it fell to WMCH to restore the property, totaling close to thirteen acres, into a usable non-profit hospital and administrative center.
Richard Frankel, Vice President of Frankel Financial Corp. and the broker that connected WMCH to the loan, remarked on the strength of Kennedy Funding. “Kennedy was very aggressive,” he commented, approvingly. “They stepped up when no other lender would give us the time of day. They made this happen.”
Jeffrey Wolfer, President of Kennedy Funding, added that “We recognized that this property is a ‘special use’ building-a vacant hospital-and while we can identify the potential in it, it’s something most others wouldn’t or couldn’t do. Our valuation is based on both the land itself and the way that land will be utilized. Kennedy Funding lends against real estate as collateral, but at the same time we consider other factors that fall well beyond the scope of traditional lenders. It takes vision and determination to get a loan like this closed, and Kennedy Funding counts those as some of our primary strengths.”
It is standard operating procedure for Kennedy Funding to conduct a thorough evaluation based on the quality of the collateral and inherent value of the project or business, going so far as to loan against raw land as collateral. Their quick, precise appraisals and ability to issue loan commitments in as little as 24 hours result in quick closings, often in just 2 weeks. Their speed and expertise has meant that an increasingly wide range of borrowers, from land-use developers to resort builders, entrepreneurs, and major businessmen, have turned to Kennedy Funding to arrange for financing from $1 million to $100 million and more.
While specializing in commercial real estate loans, their scope of funded projects also includes amusement parks, high-profile golf courses, TV and radio stations, airlines, and sports complexes, among others. Kennedy Funding’s established reputation has seen them manage everything from the most complex of financial transactions to simple acquisitions, workouts, refinancing, bankruptcies, and foreclosures. http://www.kennedyfunding.com/
Kennedy Funding
CONTACT: David Green, +1-201-288-7888 of Results, Inc. Public RelationsDivision, for Kennedy Funding
Web site: http://www.kennedyfunding.com/