$600 Million Loan for Rangers' New Arlington Stadium

SunTrust Banks Inc. has provided $600 million in financing to help pay for the construction of the Texas Rangers' new ballpark in Arlington.The new Globe Life Field is being built by the Rangers and the City of Arlington.Atlanta-based SunTrust financed the Rangers' portion of the development cost. The $1 billion stadium is set to open in 2020."While our deep expertise in sports and stadium financing made the transaction possible, it was our shared vision with the Rangers that made this deal come to life," SunTrust's Julia Harman said in a statement. "We are thrilled to have partnered with the Rangers organization on such an important project for the Dallas - Fort Worth region, and look forward to working with them in the years ahead."SunTrust has previously was involved in the construction financing for the Atlanta Braves' SunTrust Park, and the Atlanta Falcons' Mercedes-Benz Stadium.The new stadium in Arlington is part of a larger mixed-use development that includes entertainment, retail and hotel construction.  Continue reading...