SALINAS, Calif. , July 31, 2018 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today that it has closed a new $100,000,000 real estate financing package with PGIM Real Estate Finance, the commercial and agricultural financing business of Prudential Financial, Inc.
Mr. Scott Scheid , President and CEO of the Company, stated, "We are pleased to announce the closing of this financing with Prudential. The new funds will be used pay off our existing real estate loans, infuse working capital to fund the Company's growing cased goods business, and provide funds for future capital development."
About Scheid Family Wines
Scheid Family Wines has farmed wine grapes in Monterey County, California since 1972. With 4,000 acres of sustainably certified vineyards located along a 70-mile spread of the Salinas Valley and a state-of-the-art winery, Scheid Family Wines is fully integrated to bring high quality estate grown wines to the marketplace. The Scheid Family Wines nationally distributed portfolio includes Scheid Vineyards, District 7, Metz Road, VDR, Stokes' Ghost, GIFFT, Ranch 32 and Ryder Estate. In addition, Scheid Family Wines produces over 20 regionally distributed brands for specific clients or distributors.
For Further Information:
Scheid Vineyards Inc. (dba Scheid Family Wines)
305 Hilltown Road
Salinas , CA 93908
Scott Scheid, President and CEO
Mike Thomsen, Chief Financial Officer