The band has completed arrangements for a $150 million loan to the Pechanga Development Corp. to expand its gaming facility. 'The tribe is proud of the fact that, for the first time, we have been able to attract financing from California's leading lending institutions,' Pechanga Chairman Mark A. Macarro said. 'Historically tribes were unable to obtain bank financing. The lending institutions have agreed to provide the third largest financing banking agreement with an American Indian nation.' Anthony Mirada, president of the development arm, said completion is expected by September 2002. Miller & Schroeder Investment Corp. of Minneapolis announced completion of the taxable loan that will be used to make room for 2,000 new slot machines, 60 table games, 23 poker tables and a 600-seat bingo hall. The project also will include a 25,000-square-foot conference center, a 14-story hotel with 522 rooms, seven restaurants, a 1,200-seat showroom and a 125-seat teleconference room.
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