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Press Release: Kennedy Funding
November 27, 2003
HACKENSACK, NJ -- The first major new four-season ski resort to be developed in 22 years is being developed in
Donnelly, Idaho by Tamarack Resort with the help of an $18 million loan from Kennedy Funding, a direct private
lender based in Hackensack, N.J. that specializes in commercial real estate, resort, and golf course financing.
Located some 90 miles north of Boise, Tamarack Resort encompasses a master-planned, state of the art all-season
ski resort and residential community being developed on 3,600 acres of private and state property along the shores
of Lake Cascade.
"This is clearly the next Sun Valley," says Jeffrey Wolfer, president of Kennedy Funding. "Tamarack
sits on a premium site and offers a world-class ski mountain with a Nordic ski trail system totaling 65 miles;
a beautiful lake that will serve as a center of a wide range of water-related recreational activities served by
a first-class marina; and three golf courses, one 9-hole par three executive course and two 18-hole courses with
the first courses being a 7,000-yard Robert Trent Jones II signature course."
The master plan for Tamarack Resort includes 2,043 residential units consisting of hotel rooms, lodges, condos,
single-family homes, timeshare units and townhomes, many of which will be designed for ski in, ski out access.
Some 300,000 square feet of commercial space is planned with restaurants, stores, shops, and hotels along a 1,400-foot
outside mall all done in a Village motif.
Additional features include competition bike trails, hiking trails, and ski trails to accommodate all levels of
skiers. The latest ski lift systems will be used and are capable of transporting more than 7,000 skiers per hour.
Tamarack Resort has already had a profound effect on the area's recreation and tourism business. The resort has
won the support of Idaho Governor Dirk Kempthorne and received a 49-year lease on contiguous state land from the
Idaho Land Board. Two prominent business leaders lead the development team: Tamarack CEO Jean-Pierre Boespflug,
and Tamarack Chairman Alfredo Miguel who have personally committed $60 million to the project.
"Tamarack is, perhaps, the best site in America left for resort development," says CEO Jean-Pierre Boespflug.
"It is 5 times that size of Yellowstone and will offer every conceivable recreational activity. In addition,
the area offers the perfect climate -- more snow in the winter than most resorts and average summer temperatures
of 75 degrees."
Kennedy Funding's multimillion-dollar investment in Tamarack comes at a critical phase in the project's development.
"The first phase involving the development of the project's infrastructure is probably the most capital-intensive
phase in the whole process," says Wolfer.
With nearly twenty years of experience as a direct private lender, Kennedy Funding has witnessed countless startup
phases of massive real estate and business enterprises and guided its clients through complex loan processes.
The company has a strong reputation for its lending expertise and ability to devise innovative strategies to deal
with commercial property workouts, foreclosures, acquisitions, refinancing, bankruptcies and related situations.
Kennedy's staff of veteran financial experts excels at addressing multifaceted loan transactions and assessing
complex risk scenarios.
"Kennedy Funding was very fast, very responsive and very thorough," adds Boespflug. "They understood
the entire project from the ground up."
According to Wolfer, traditional lenders are too caught up in red tape that delays the loan process. This process,
he says, ignores the borrower's needs and the time-sensitive reality of most business transactions done today.
"What sets us apart from other lenders is that Kennedy Funding can move the deal through the process quickly
and efficiently regardless of complications or risk factors traditional lenders shy away from," says Wolfer.
Kennedy Funding has been a key source of funds in numerous world-class resorts such as the Quintero Golf Community
in Phoenix and a number of other notable resort and mixed-use communities throughout the country. The firm has
also provided a multimillion-dollar loan to leading golf course development firm Senior Tour Players.
Known nationally and internationally as a resourceful, key lender for commercial real estate projects of every
type, Kennedy branched out beyond its national service area into commercial loans in the international arena in
the mid-1990s.
In addition, Kennedy has expanded its lending scope to include enterprises across a wide variety of industry categories,
including: commercial real estate, resorts and lodging, golf course development, sports complexes, media (TV and
radio stations), retail, airlines, and a diverse range of business enterprises.
www.kennedyfunding.com
Source: Kennedy Funding