McClellan, CA – McClellan Park, the most successful Air Force Base redevelopment project in the U.S., announced today that it has obtained a new $95 million secured credit facility from Wells Fargo Bank (NYSE:WFC). The credit facility was arranged with the participation of Bank of America, Safe Credit Union and River City Bank.
The funds will be used to help finance the company’s growth, promote business development, job creation and improvement plans.
To have secured debt financing in this very tight credit environment demonstrates recognition of McClellan Park’s financial strength. Larry Kelley, President of McClellan Park, stated, “We are extremely pleased to continue our ten-year relationship with Wells Fargo Bank and are delighted to have closed this transaction. This is a significant step which is essential to continuing our leasing and improvement plans.”
The new credit facility is for up to a five year term and provides up to $95 million through a revolving line of credit.