United Capital Snaps Up Non-Performing Dealership Mortgage Note
GREAT NECK, N.Y. — Interestingly, United Capital Corp. announced it has purchased a $13.4 million mortgage note for a property that houses a Bentley Lamborghini Dealership of Long Island.
It bought the note from Bank of America. Officials said the mortgage is secured by a newly renovated state-of-the-art 61,000-square-foot showroom and service center, just off the Long Island Expressway, in Jericho, N.Y.
The four-acre property is currently occupied by Champion Motor Group, who recently filed for Chapter 11 protection. The note is non-performing and was purchased at a discount to its stated amount, executives noted.
A.F. Petrocelli, United Capital's president and chairman, explained, "As banks seek to divest under-performing assets, we will continue to search for those that meet our stringent investment criteria. We have purchased similar assets in the past and will move quickly to realize a positive return on our investment."
United Capital and its subsidiaries own and manage real estate and hotel properties and provide engineered products to industrial and automotive markets worldwide.