VIENNA, Va., April 14, 2015 /PRNewswire-USNewswire/ -- Navy Federal Credit Union is pleased to announce the closing of a record-breaking deal with the Marine Corps Heritage Foundation (MCHF) on a commercial construction loan to complete the National Museum of the Marine Corps in Triangle, Va. The total expansion is estimated to be $70 million, $20 million of which Navy Federal will lend to the Heritage Foundation. This marks the credit union's largest commercial loan to date.
"We are grateful to be the lender for this special project. The National Museum of the Marine Corps in Triangle means a lot to us and our members, many of which are Active Duty and retired Marines," said Jim Salmon, vice president of business services at Navy Federal. "It is important that we have places like the museum to keep history alive and honor our servicemembers."
The museum opened in 2006 and currently captures U.S Marine Corps history up to the end of the Vietnam War in 1975. Approximately 500,000 visitors come to the museum every year, including a yearly average of over 52,000 students. The expansion includes new exhibits and galleries to depict all the operations and campaigns that Marines have been a part of since 1975, including Beirut, Grenada, Desert Storm/Desert Shield, Somalia, Iraq and Afghanistan.
"The loan provided by Navy Federal Credit Union allows the Marine Corps Heritage Foundation to break ground on this historic expansion of the National Museum of the Marine Corps as we continue working toward our fundraising goal," said Lt. Gen. Robert R. Blackman, Jr., USMC (Ret.), president and CEO of the Foundation. "I have no doubt that grateful Americans will continue to step forward to help us complete this mission. Yet, Navy Federal's support will enable the Foundation to more quickly initiate construction of a permanent place to forever tell the stories of those Marines who served from 1976 through today."
Construction for the expansion begins in the second quarter of 2015 with completion of the construction set for 2017.
About Navy Federal Credit Union: Navy Federal Credit Union is the world's largest credit union with more than $64 billion in assets, 5 million members, 264 branches and a workforce of over 12,000 employees worldwide. The credit union serves all Department of Defense and Coast Guard Active Duty, civilian and contractor personnel and their families. For additional information about Navy Federal, visit http://www.navyfederal.org.
About the Marine Corps Heritage Foundation: Dedicated to the preservation and promulgation of Marine Corps history, the Marine Corps Heritage Foundation was established in 1979 as a non-profit 501(c)(3) organization. The Foundation supports the historical programs of the Marine Corps in ways not possible through government funds. The Foundation provides grants and scholarships for research and the renovation, restoration and commissioning of historical Marine Corps artifacts and landmarks. Securing the necessary funding for the complete construction of the National Museum of the Marine Corps and Heritage Center, located in Triangle, Va., is the Foundation's current primary mission while continuing to provide program support for the Corps' historical, museum and educational activities. For more information, visit MarineHeritage.org.
Navy Federal Credit Union Contact
Phone: (703) 206-3061
E-mail: [email protected]
Marine Corps Heritage Foundation Contact
Phone: (202) 414-0785
E-mail: [email protected]
SOURCE Navy Federal Credit Union