PENSACOLA, Fla. – In what is being touted as a rare partnership between credit unions and banks, Navy FCU and PenAir FCU have joined with Superior Bank to lend $38 million for a new hotel on Pensacola Beach.
Under the loan commitments, the bank will provide $18 million, while PenAir and Navy Fed $10 million each, the credit union giant’s largest member business loan ever. The loan commitments came after the developer was turned down by more than 50 banks across the country.
Navy Fed has a large presence in the area and is in the process of completing the second phase of its giant call center here.
The developer is scheduled to break ground in August on the 206-room Holiday Inn, which will also provide 7,000 square-feet of meeting space on the beach.
