United Capital Corp. (NYSE Amex: AFP) today announced the purchase of a mortgage note encumbering the Ocean Place Resort & Spa and Conference Center, in Long Branch, New Jersey. The mortgage has approximately $60 million in total outstanding obligations and is secured by this 12-story, 254 room hotel which sits on 16 beach-front acres and includes a 35,000 square foot conference center, two restaurants, tennis courts and a full service spa. The note is currently in default 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 “This is the premier ocean front location along the Jersey Shore and the only destination with direct beach front access along the North Jersey Coastline.”
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