National Museum of Marine Corps to break ground on addition

Navy Federal Credit Union has closed 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.

Construction is anticipated by June 30, according to a news release. The total expansion is estimated to cost $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 more than 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,” Lt. Gen. Robert R. Blackman, Jr., USMC (Ret.), president and CEO of the Foundation, was quoted as saying in a news release. “I have no doubt that grateful Americans will continue to step forward to help us complete this mission.”

Construction for the expansion is planned to begin in the second quarter of 2015 with completion of the construction set for 2017.

According to the news release, 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