United Capital Corp. Announces Note Purchase of $22M

United Capital Corp. AFP today announced the purchase of a senior mortgage loan and mezzanine note from an affiliate of Fortress Investment Group encumbering the Radisson Hotel Nashua in Nashua, New Hampshire. The notes have combined outstanding obligations in excess of $22 million and are secured by this 7-story, 326 room full-service hotel and spa located on almost 17 acres in suburban New Hampshire and includes 24,000 square feet of meeting and banquet space, a restaurant and lounge, an extensive fitness facility and spa, and both indoor and outdoor pools. The notes are currently non-performing and United Capital intends to pursue all of its legal remedies up to and including foreclosure. In commenting on the announcement, A.F. Petrocelli, United Capital's Chairman and President, noted “The castle-like Radisson Nashua is one of the premiere hotels in the region and conveniently located a short distance from the Boston metropolitan area and the perfect location for the business traveler, regional association meeting, as well as a great host for weddings and other local social events.”