Historic Bahamas property to receive multi-million dollar facelift

ENGLEWOOD CLIFFS, New Jersey – A waterfront site that was once the family compound and estate of the Parker Brothers of Monopoly fame has been granted a US$5.17 million loan for four oceanfront reside

ENGLEWOOD CLIFFS, New Jersey – A waterfront site that was once the family compound and estate of the Parker Brothers of Monopoly fame has been granted a US$5.17 million loan for four oceanfront residential parcels with five residences and additional land, altogether totaling 15.5 acres, on Man O War Cay, Sea Glass Found, Abaco, Bahamas. Each of the five residential parcels consists of a main residence and a guest cottage.

“The property has a very interesting history,” said Kevin Wolfer, president and CEO of Kennedy Funding, the Englewood, NJ-based direct private lender. “It consists of the long-time former family compound and estate of the Parker Family of Parker Games fame – Monopoly and other well-known board games.”

The Orlando, Florida-based Grand Pointe Investments, headed by John C. Gray, Jr., acquired the property 10 years ago from the Parker Family and, “has made extensive improvements since,” said Wolfer. “With 15.5 acres and five private beaches on its own peninsula, this property is clearly the ‘jewel of the Abacos.'”

The borrower has been restoring the Parker Family compound and estate, and intends to retain ownership of one of the five residences while marketing the others for sale. Because of the site’s historic significance and prime location, the project has required close cooperation with the local district council and the Bahamian government.

Now known as Sea Glass Found, the US$20 million project is well underway, an effort that includes restoring the site’s harbor and marina. The latter effort will allow berthing for yachts up to 140 feet in length and averaging 80-90 feet to dock safely in a protected “hurricane hole.”

The financing will be utilized by the borrower to retire US$3.5 million of existing debt, and the remainder for working capital – the borrower’s other properties include two office condominiums in Lake Mary, Florida, and 42 single-family lots at Stone Island, Enterprise, Florida.

Kennedy Funding has been named for completing the loan.

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Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

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