Country club with golf course coming to Maine

A land parcel of more than 360 acres in Wells, Maine, is about to get a new life, with the help of a bridge loan in the amount of $3,468,000 from Kennedy Funding, a direct private lender based in Hackensack, NJ. Just a few miles from Kennebunkport, where the first President Bush has a beach house, the land is now slated for extensive, high-end development.

    The Burnt Mill Country Club and golf course and Burnt Mill Estates residential community have all their necessary approvals in place, but construction has been stalled by the inability to secure funds through traditional sources. The banks were reluctant to lend without further progress, and investor funding was necessary to continue the project. Kennedy Funding's loan commitment of nearly $3.5 million will allow the borrower to complete the infrastructure and build out the golf course, club house, and residences as planned.

    The Burnt Mill Country Club will feature an 18-hole, 7,200 yard championship course, only the second such course created by the design team of PGA Tour Player Brad Faxon and golf architect Brad Booth. It will also sport a 9-hole par 3 short course, a practice range, and a 12,000 sq. ft. clubhouse. Residential condominiums will flank the course in neighborhoods that constitute the Burnt Mill Estates, comprising a total of 85 units. These homes will range from single family lots to duplex lots and townhouses. Considering that the terrain is typically rural, full of dense woods, rolling hills, rock outcroppings and meadows, the scenic quality of the land should accentuate its natural beauty, appealing to golfer and non-golfer alike. The former President Bush has already expressed interest in membership at the country club.

    Richard and Melodee James are the owners of Burnt Mill Development, LLC, which is being built on land that has been in the James family for more than 100 years. Kennedy Funding entered the picture on the advice of George Marderosian, Burnt Mills' financial advisor, who is helping guide the project to fruition. "The banks wanted to see more equity in the project," explained Melodee James. "And we wanted to continue building -- the infrastructure for the golf course was in place, but the financial support was not.  George brought us to Kennedy and now we are really ready to move ahead."

    Jeffrey Wolfer, president of Kennedy Funding, felt the property had a great deal of intrinsic value. "The lush rural location of the land means that this development, or a variation of it, would be a good choice for developing its potential. With final approval already in place for land use, we applied our evaluation process and quickly came up with a loan agreement."

    Adds Gregg Wolfer, a Kennedy Funding partner, "We are pleased to be part of a project that will bring a world-class golf course and some fine estate residences to the natural beauty of southern Maine."

    Kennedy Funding offers loans to an increasingly wide range of borrowers, from land-use developers to resort builders, entrepreneurs, and major businessmen. They have the resources to provide loans of $1 million to $100 million, making loan commitments in as little as 24 hours, and closing quickly, often in just 2 weeks.

    While specializing in commercial real estate loans, Kennedy Funding has expanded its scope of lending to include a wide range of enterprises, including amusement parks, high-profile golf courses, TV and radio stations, airlines, and sports complexes, among others. Their extensive knowledge base and solid reputation has seen them manage everything from the most complex of financial transactions to simple acquisitions, workouts, refinancing, bankruptcies, and foreclosures.