Credit Line Growing With Pacific Gulf
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Pacific Gulf Properties Inc. in Newport Beach, which buys, builds and manages industrial buildings and apartments, has a bigger and better credit line to match its growing size.
Pacific Gulf said Tuesday that four banks led by Wells Fargo have agreed to provide $150 million in credit, which it will use to buy more property and run the company.
Pacific Gulf is replacing an existing $65-million secured credit line. Though the new line is unsecured, it carries a lower interest rate that may be adjusted still lower if its finances continue to improve.
The company, a real estate investment trust, bought $55 million in industrial properties in the first quarter of this year. More purchases are in the works, said its chairman, Glenn L. Carpenter.
E. Scott Reckard covers real estate for The Times. He can be reached at (714) 966-7407 and at [email protected].
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