Edwin Urrego is executive loan officer of Englewood-based Kennedy Funding
By Joshua Burd
The owner of an event space in New York’s Hudson Valley is expanding the venue with the help of a nearly $1.5 million loan from New Jersey-based Kennedy Funding.
According to the direct private lender, the borrower will use the financing for working capital and for improvements of Old Mill Guest House’s existing buildings at 323 Old Mill Road in Wallkill. The upgrades will be the latest investment by Audrey’s Farmhouse since the hospitality group purchased the 24-acre property in 2019, Kennedy Funding said, noting that the owner has spent nearly $3 million on construction and other capital expenditures since then.
Raymond Dellovo Jr., president of Medford, Massachusetts-based International Lending Network, brokered the $1.445 million loan to 323 Old Mill LLC.
“Tourism and getaways in the Hudson Valley have been on the rise ever since the COVID-19 pandemic, and it’s now the second-largest tourism market in New York,” said Edwin Urrego, executive loan officer at Englewood-based Kennedy Funding. “Old Mill Guest House is a vibrant part of the region’s $5 billion tourism industry and will continue to put the Hudson Valley region on the map for intimate holiday getaways and large family celebrations alike.”
In a news release, Kennedy said Old Mill Guest House hosts weddings, showers, corporate retreats and similarly sized events for up to 200 people, with overnight accommodations for up to 50 people. The venue, which is a roughly 90-minute drive from New York City, has services such as catering and furniture rentals, plus a 5,000-square-foot wooden pergola, a seasonal heated saltwater pool with cabanas and a manicured central courtyard surrounded by structures that date to the 19th century.
The borrower also expects to renovate the lodges, which comprise 19 bedrooms across four buildings.
“Old Mill Guest House is a stunning location for an unforgettable event, surrounded by old-growth trees, ponds and the peace and quiet that the Hudson Valley is known for,” said Kevin Wolfer, CEO of Kennedy Funding. “A charming wedding venue like this one is primed for a busy season, booking into 2025 and 2026 — just in time to debut beautifully renovated accommodations, funded by a working capital loan we were pleased to close for this borrower.”
