California State Teachers’ Retirement System, Sacramento, is providing letters of credit in support of two loans for projects in California. One is backing an $11.7 million loan to Beckett Hall, a non-profit public benefit corporation, to finance and construct a 181-unit student housing development on the campus of the University of California, Davis.
The $101 billion system is also providing a $5 million confirming letter of credit in support of a loan to Starter and Alternator Exchange. The proceeds will be used to acquire real property and an existing 108,000-square-foot manufacturing facility in Pacoima, Calif. An estimated 180 jobs will be created by the expansion of the company, which remanufactures auto parts for foreign and domestic vehicles.
