Kennedy Funding Fuels Expansion of Old Mill Guest House in Hudson Valley

Kennedy Funding, a renowned direct private lender based in New Jersey, has recently finalized a multifaceted loan deal of $1.445 million aimed at enhancing the wedding and event offerings at the Old Mill Guest House in Wallkill, New York. This property, which spans 24 acres, serves as a picturesque backdrop for weddings, corporate retreats, and more, accommodating up to 200 guests in its versatile event spaces and offering overnight stay options for 50 guests.

The property, which is part of the esteemed Audrey's Farmhouse hospitality group, is set to undergo significant renovations. Kevin Wolfer, CEO of Kennedy Funding, noted that the Old Mill Guest House provides a captivating setting enveloped by nature, making it an ideal venue for memorable events. He sees great potential for the property as it prepares for a busy booking season stretching into 2025 and 2026, boosted by newly funded renovations.

A Growing Presence in the Hudson Valley

The Hudson Valley has seen a surge in tourism, especially post-COVID-19, with Old Mill Guest House playing a pivotal role in the area's burgeoning $5 billion tourism economy. Audrey's Farmhouse acquired the property for $275,000 in June 2019 and has since committed nearly $3 million in development and renovations, showcasing their dedication to elevating this retreat as a prime event location.

Edwin Urrego, Executive Loan Officer at Kennedy Funding, emphasizes the strategic importance of this expansion: "Tourism and getaways in the Hudson Valley have been on the rise ever since the pandemic, and Old Mill Guest House is a vibrant part of the region's tourism industry."

Innovative Funding Solutions

The loan was brokered by Raymond Dellovo Jr. of Medford's International Lending Network, who has intimate knowledge of the hospitality sector in Wallkill. Having worked closely with Kennedy Funding for over 30 years, Dellovo expressed unwavering trust in their ability to deliver results. Despite being more costly than traditional bank loans, Kennedy Funding is renowned for their reliability and integrity in closing deals on time.

Recognizing the importance of community impact, the team at Kennedy Funding assesses every project not only through financial metrics but also by understanding its potential to generate revenue and benefit the local economy. Urrego believes that this approach allows Kennedy Funding to provide tailored financial solutions that drive growth in the hospitality sector.

Comprehensive Renovations and Future Plans

Plans for renovations at Old Mill Guest House include upgrades to the lodgings, which feature a total of 19 bedrooms distributed across four buildings. The estate boasts various amenities such as a 5,000-square-foot wooden pergola, a seasonal heated saltwater pool with cabanas, and a meticulously landscaped courtyard, all dating back to the 19th century, enhancing its charm.

As the Old Mill Guest House gears up to market itself as a comprehensive wedding venue, it will offer essential services, including catering and furniture rentals, meeting the needs of today’s event planners. The property’s proximity—just 90 minutes from New York City and a mere 30 minutes from the New Jersey border—positions it as a prime destination for individuals and families seeking an intimate escape or memorable celebrations.

Ultimately, Urrego notes, "Kennedy Funding filled a significant gap in the marketplace by providing timely financing when traditional lenders couldn't meet the demand, enabling emergence and growth in the hospitality sector."

For those interested in more about Kennedy Funding's innovative lending practices, their official website offers an array of resources regarding their services and success stories.