Newhall Land & Farming Secures Project Funding

The Newhall Land & Farming Co., a Valencia real estate developer, said it has secured additional financing for its expanding development of Valencia and other master-planned communities.

The company said it obtained a $30-million, seven-year unsecured loan with an interest rate of 6.9% from an unnamed insurance company. It has also finalized a $15-million unsecured line of credit from Morgan Guaranty Trust Co. of New York, bringing the company’s total available credit to $69 million.

Newhall Land & Farming said it is hoping for development opportunities in Valencia and elsewhere in California as the state economy recovers. It is also planning to speed up development of its McDowell Mountain Ranch master-planned community in Scottsdale, Ariz., and to begin selling ready-to-build lots there later this year.