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FIRST INTERSTATE AGREES IN PRINCIPLE TO EXTEND LOAN AGREEMENTS WITH CALPROP

 LOS ANGELES, Sept. 13 /PRNewswire/ -- Calprop Corp. (AMEX: CPP), a California home builder, today announced that First Interstate Bank of California has agreed in principle to extend its existing loan agreements with Calprop, including a $3.5 million commercial credit line and a $3.7 million land loan in northern California. The loan agreements were originally scheduled to expire in August. These agreements represent approximately 40 percent of Calprop's total debt and will allow Calprop to continue building and selling homes in its successful Provence development in Windsor, Calif., north of San Francisco.
 Calprop builds quality homes in some of the state's most desirable communities in both Northern and Southern California. The company's common stock is traded on the American Stock Exchange under the symbol CPP.
 -0- 9/13/93
 /CONTACT: Stuart Eigler of Calprop, 310-306-4314; or Lise Needham or Stephanie Meyer of Financial Relations Board, 415-986-1591, for Calprop/
 (CPP)


CO: Calprop Corp., First Interstate Bank of California ST: California IN: CST SU: FNC

LH -- SF006 -- 1358 09/13/93 13:54 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
Words:173
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