Kennedy Funding Provides Significant Loan for Venue Growth
A beautiful and serene retreat in the Hudson Valley is set to grow its offerings in the event hosting sector, thanks to the assistance from Kennedy Funding.
Loan Closure and Venue Details
The New Jersey-based private lender has successfully closed a $1.445 million loan for 323 Old Mill LLC, which operates the Old Mill Guest House. This 24-acre facility is designed to host weddings, corporate events, and various gatherings for up to 200 guests, providing comfortable overnight accommodations for up to 50 individuals.
Enhancing the Guest Experience
Old Mill Guest House is an integral part of Audrey's Farmhouse, a hospitality group managing multiple event spaces in the region. The newly secured funds will be directed towards working capital and essential upgrades to the existing structures within the venue, aiming to enhance the overall experience for guests.
Community Impact and Business Growth
Kevin Wolfer, the CEO of Kennedy Funding, expressed excitement about the investment into Old Mill Guest House. "This venue, surrounded by nature and tranquility, is perfectly situated to attract couples and families seeking memorable celebrations," he stated. The renovations will be welcomed as the venue anticipates a busy booking season for 2025 and 2026.
Investment History
According to Edwin Urrego, Executive Loan Officer at Kennedy Funding, Audrey's Farmhouse acquired the property in June 2019 for $275,000. Since then, they have made substantial investments totaling nearly $3 million towards construction and improvements.
The Rising Tourism Scene
Edwin Urrego noted that the Hudson Valley has seen a surge in tourism since the recent global challenges, becoming the second-largest tourism market in New York. The Old Mill Guest House contributes significantly to this market, being a vibrant player in a $5 billion tourism industry that is thriving in the region.
Broker Partnership
This financing deal was facilitated by Raymond Dellovo Jr., President of the International Lending Network, based in Massachusetts, who was referred to the hospitality group by local bank representatives. Dellovo reaffirmed his trust in Kennedy Funding, noting a strong partnership spanning over 30 years and highlighting their reliable track record with over $4 billion in loans closed.
Kennedy Funding's Unique Approach
The philosophy of Kennedy Funding is focused on evaluating the potential of each project by considering its benefits to the surrounding community and its revenue-generating abilities. According to Urrego, this flexible approach allows the firm to successfully assess variables beyond standard benchmarks and provide appropriate funding for projects like that of Audrey's Farmhouse.
Future Planning for Old Mill Guest House
Audrey's Farmhouse aspires to market the Old Mill Guest House as a premier wedding venue equipped with essential services, including catering and furniture rentals. Venue highlights include an expansive wooden pergola, a seasonal heated saltwater pool, and meticulously maintained gardens around historical structures from the 19th century. Its strategic location ensures easy access for guests traveling from New York City and neighboring areas.
Looking Ahead
With renovations planned for the lodges accommodating 19 bedrooms across four buildings, the team is hopeful for a brighter future. Urrego emphasized their role in bridging the gap for financing where traditional lenders may fall short.
Frequently Asked Questions
What is the purpose of the $1.445 million loan from Kennedy Funding?
The loan is primarily aimed at funding renovations and improvements to the Old Mill Guest House, enhancing its facilities for event hosting.
Who is the borrower of the loan?
The borrower is 323 Old Mill LLC, which operates the Old Mill Guest House as part of Audrey's Farmhouse hospitality group.
What kind of events does the Old Mill Guest House host?
Old Mill Guest House hosts a variety of events including weddings, corporate retreats, and social gatherings for up to 200 attendees.
How has the COVID-19 pandemic affected tourism in the Hudson Valley?
Since the pandemic, tourism in the Hudson Valley has significantly increased, making it the second-largest tourism market in New York.
What sets Kennedy Funding apart from traditional lenders?
Kennedy Funding focuses on evaluating the community impact and revenue potential of projects, providing personalized financing solutions where standard lenders may not meet needs.
