The University of New Mexico (UNM) Athletic Department signed a 10-year, $10 million philanthropic agreement with Dreamstyle Remodeling to rename two of the universities major athletic facilities to Dreamstyle Arena and Dreamstyle Stadium. Larry Chavez, founder of the company and an alumnus of the university, said he has fond memories of the school and its team, the Lobos, and attributes his success in business to the university community.

In the largest agreement the university has received, Dreamstyle Remodeling presented an initial payment of $1 million at a press conference on May 3. The remaining $9 million will be paid in $900,000 yearly installments over each of the next 10 years. Payments will start in June 2018 and continue through June 2027.

Besides acquiring the naming rights to the football and basketball facilities and the athletic contributions, $1 million will distributed throughout different areas of the university, including the UNM Children's Hospital, the Anderson School of Management and Popejoy Hall.

"The learning experience at UNM for myself and other management personnel in the company has been a significant element of our success and it's our desire to repay the university in a big way," Chavez said in a press release. "I am proud to have built a company that has a capability of making this investment in the university and our community."

Chavez founded Albuquerque-based Dreamstyle Remodeling in 1989 after studying business at UNM’s Anderson School of Management. Today, the company has about 500 employees, locations in New Mexico, Arizona, California, Idaho, and Texas, and serves more than 60,000 customers in the western United States.

In addition to having a successful business, Chavez has been a community figure for many years. He contributes to nonprofits, including the Animal Humane New Mexico, Casa Esperanza, and UNM. In one of the company’s most current projects, Dreamstyle is remodeling the Lobo football offices and facilities at no expense to the university.

"This is truly a historic day for our department, and for the university," Paul Krebs, vice president for athletics, said in the press release. "Larry has a deep love for his university and Lobo athletics, and this agreement not only benefits our department, but many other areas of the university. I'm very thankful for Larry's generosity and friendship."