The Oakland A’s announced today that they have secured a $1.1 billion loan from a private equity firm to help them build a $300 million new stadium and stadium district.

The team is also moving forward with a $400 million renovation of their current stadium.

Oakland is the second-largest city in the US, and is home to the Oakland Aces, a major league baseball team that plays in the National League West division.

There are more than 4,000 vacancies in the city’s local workforce, and the team said they plan to hire between 500 and 600 people over the next few years.

This article originally appeared on Wired.com.