The 103,000-member Pen Air FCU in Pensacola, Fla., and the 3.7million-member Navy Federal Credit Union in Vienna, Va. are theonly financial institutions backing the construction of a 127-room hotel in Pensacola.
|The two credit unions will lend $13 million of the project'sexpected cost of roughly $17 million. The project will bringbetween 350 to more than 1,000, both directly and indirectly, tothe community, its backers said.
|Tom Furr, business lending manager for $1.1 billion Pen Air,acknowledged the investment is a large one, but stressed that thecredit union had experience working with the developer, InnisfreeHotels and, in particular, founder and CEO JulianMacQueen.
|The company is privately held by MacQueen and has launched andmanaged hotel projects in eight states across the Southeast. Furralso noted that the developer has taken advantage of the lowerconstruction costs stemming from the current economic downturn tohelp keep costs down.
|Commercial real estate lending has been a source of bothsuccess and controversy for credit unions in the past.
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