Real Estate Central

Wintdots of St. Thomas Using $6.5 Million to Develop ‘Green’ Community

HACKENSACK, N.J., May 12 /PRNewswire/ — High above Charlotte Amalie
Harbor in St. Thomas, U.S. Virgin Islands, Wintdots Development, LLC is
planning an 80-unit luxury community in five buildings. What makes
Flagberry Hill unique is the developer’s commitment to the environment. The
community will be the first in the region to be fully powered by wind and
solar energy, according to Wintdots Principals Glenn and Dorothy Elskoe.

What Wintdots needed was a bridge loan to span the time until its
traditional lender acted on second loan processing. What Wintdots really
needed was a direct lender like Kennedy Funding, Inc., the Hackensack-based
company known in the industry for its ability to accurately assess the
viability of potential clients’ visions and to help put these visions on
the map.

“What we saw in our evaluation that led to our decision to fund this
company was a solid organization offering collateral in a vacation
destination that could only appreciate in value,” says Jeffrey Wolfer,
Kennedy Co-CEO. He says that the Elskoes collateralized their loan by
combining almost 22 acres of raw property on which the community will stand
in the island’s South Side District 4 with a commercial building they own
in Charlotte District 1.

The Flagberry Hill site rises to a 950 feet elevation — accessible by
tram — with abundant indigenous vegetation that adds to the beauty of the
scene it overlooks. Cruise ships move in and out of the harbor on a daily
basis. When completed, Flagberry will comprise — in addition to the 80
fractional-ownership units — amenities including a spa, restaurant,
gondola rides to shopping areas, nature trails, ten private mega sailing
yachts, onsite medical facilities and child care, and 24/7 security. As is,
the raw collateral’s market value potential reaches $8 million for sale to
a cash buyer in six months. The highly desirable commercial property
measures 6,000 sq. ft. and currently is leased. Kennedy defines its
six-month-potential market value as $6 million.

“Often when other areas experience downturns, the vacation community
sector continues to draw investors,” says Wolfer. “The fact that Wintdots
is acting on a growing consumer demand for ‘going green’ adds tremendous
appeal to people who want to participate in a necessary move toward energy
savings.” He adds that “the natural island foliage already in place and the
spare location of Flagberry Hill buildings within that growth will add to
the community’s draw.”

“Kennedy stepped in and propelled our development concepts in the right
direction at just the right time,” says Glenn Elskoe. “They came highly
recommended when we knew that our traditional lending organization would
take some time to complete funding arrangements. From the beginning they
were attentive to our needs, followed through on all their promises, kept
their word, and dedicated their staff to make this project happen. This was
their second loan in the Virgin Islands,” he adds, “but they handled it
like they’ve been here for a thousand years.” Elskoe had no trepidation
about dealing with a direct lender. “They stepped in and got the job done,”
he says.

Kennedy Funding has been lending to clients based on varied collateral
for more than 20 years. They continue to develop their reputation for
building strong relationships that lead to repeat lending arrangements and
referrals from clients like Wintdots. Offshore lending and quick closings
are not unusual for them. In addition to their domestic support staff, they
are able to count on evaluation teams that assess borrowers in far-reaching
locations that include Mexico, Fiji, Spain, and Belize.

The Wintdots deal marked a historic day for Kennedy Funding. On a
single day, the company closed on four loans with a total value of almost
$40 million.

Kennedy Funding has closed on loans, from simple to complex, from $1
million to $100 million, in as few as five days, with an average 65%
loan-to-value ratio for commercial land development, acquisitions,
workouts, refinancing, bankruptcies, and foreclosures.

http://www.kennedyfunding.com



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Source: Real Estate Newswire

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