Injection of Funds Saves Day for Maine Golf Development

A 360-acre golf development in Wells, Me., has received a new life thanks to a $3.468 million bridge loan from Kennedy Funding, a private lender based in Hackensack, N.J. Located just a few miles from Kennebunkport – where the first President Bush has a beach house, the land is now slated for an high-end golf-residential development.

Burnt Mill Country Club and the affiliated Burnt Mill Estates residential community had all their necessary approvals in place. But construction was stalled by the developers’ inability to secure funds through traditional sources. Banks were reluctant to lend without further progress, and investor funding was necessary to bring the project to fruition. Kennedy Funding's commitment now allows the borrower to complete the infrastructure and build the planned golf course, clubhouse and residences.

Burnt Mill Country Club will feature an 18-hole, 7,200-yard course co-designed by PGA Tour veteran Brad Faxon and golf architect Brad Booth. The development also includes a nine-hole par-3 track, a practice range, a 12,000-square-foot clubhouse and a swimming pool. In addition, there will be a mix of 85 single- and multi-family units in the adjoining Burnt Mill Estates.

The golf course will be built within and atop woodlands, rolling hills, rock outcroppings and meadows. The scenic area should appeal to golfers and non-golfers alike. Former President Bush has expressed interest in joining the club.

Richard and Melodee James are the owners of Burnt Mill Development, LLC, the project’s backer. Burnt Mill’s site 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 has helped guide the project. "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."

Added 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."

The above story originally appeared in WorldGolf Wire.