SPENCER High Rock Raceway announced today that it has accepted a $30 million construction loan commitment from Vanderbilt Commercial Lending, Inc., headquartered in Sacramento, Calif. The $30 million construction loan will be used by High Rock to build 120 Race Townhomes and the 2.15-mile road course that comprise Phase I of the High Rock Raceway. High Rock anticipates closing on the construction loan before the end of September and completing construction of the track and 120 Race Townhomes by this time next year. “We are excited to accept this loan commitment from Vanderbilt as we continue to move forward with our project,” said Rich Combs, chief operating officer of High Rock Raceway. “We anticipate that quite soon we will be in full construction mode,” said Combs. Dan Brennan, chief executive officer of Reserve Capital LLC of Chicago, Illinois, represented High Rock in the negotiation of the loan commitment with Vanderbilt. The construction loan funds will be provided through Vanderbilt with commercial mortgage-backed securities. High Rock Raceway is being constructed on a portion of the land once occupied by the North Carolina Finishing Mill, which housed Color-Tex at the time the plant closed. A portion of the proceeds from the construction loan will be allocated to paying more than $100,000 in back wages to former Color-Tex employees. The loan commitment announcement comes on the heels of an approval of the wetland tributary restoration by the U.S. Army Corps of Engineers. The wetland tributary will also need to be reviewed by the North Carolina Department of Environmental and Natural Resources (NCDENR), which Combs said he anticipates happening in the coming weeks. Wetlands around the track, which sits on the Yadkin River, are important for flood and water quality control. Once the NCDENR approves the wetland tributary, the final step will be landscaping, when the weather cools this fall. Raceway officials will work with Catawba College’s Center for the Environment on this final step in the process. “We’re glad our efforts are improving the environment in the area,” said Combs. “The community will see tremendous growth with the project in the coming months, and we are looking forward to construction beginning on the townhomes in the near future.” Once complete, High Rock Raceway will be the only “green” track in the nation. Its design includes consumption-reducing materials and renewable energies and will feature alternative fuels. The track also will be made available for free to companies and researchers working to develop alternative fuels and vehicles. About High Rock Raceway High Rock Raceway will be the first and only dedicated road course in North Carolina. This world-class road course, designed by legendary road racer Elliott Forbes-Robinson, will feature 14 turns and span 2.15 miles. The Raceway will host both amateur and professional car and motorcycle race events. The property is located in Spencer, North Carolina, directly off Interstate 85 and approximately 40 minutes north of Charlotte and 45 minutes south of Greensboro.