New loans foretell a strengthening economy in 2013 and help Tech CU diversify its commercial real estate loan portfolio.
San Jose, CA (February 21, 2013)—Technology Credit Union (Tech CU) kicked off the New Year with a bang, closing nearly $15 million in commercial real estate loans in the last month of 2012. The organization also ended the year with strong loan growth in residential mortgages, closing 676 single–family member loans totaling nearly $219 million. As the credit union focuses on diversifying and growing its real estate loan portfolio in 2013, Tech CU has also approved higher limits on residential mortgages (up to $8 million) and HELOCs (up to $1 million) to serve the unique needs of Tech CU members in the Bay Area real estate market.
“We’re constantly evaluating our products, considering how well they satisfy members needs in this market,” said Tech CU Chief Banking Officer Joe Anzalone. “If a member needs a residential loan . . . if they need a commercial loan, Tech CU can help.”
The $15 million included a $9.5 million loan to support the refinancing of a multi-tenant property that is located in downtown Mountain View (in which Google is the major tenant) and a $5.14 million loan to support the purchase of an historic SOMA office building in San Francisco.
“The funding of these two loans further establishes our presence in the Bay Area commercial real estate market,” said Joe Anzalone. “In every corner of the Bay, Tech CU is an excellent choice for those looking for a well-diversified financial institution with whom they can build a relationship on multiple levels.”
As a community financial institution, Tech CU is a good alternative to large, national lenders for commercial loans. With all decision-making based at its San Jose headquarters, the credit union’s lending team has the flexibility to offer unique solutions customized to the various financing requirements of Bay Area businesses and organizations. In addition, Tech CU’s expansion into commercial lending means the organization can support more businesses — helping to grow the local economy and create more jobs.
“Bob Sherrard and his team made it a point to understand not only the real estate at hand but our business and investment strategy, writ large. They structured each loan taking into consideration what was best for the asset and what was best for our fund and its investors, ” said Ani Vartanian Boladian, Rubicon Point Partners' President and Managing Partner. “Tech CU was flexible in their approach, creative in their structuring and expedient in their execution. Honestly, we couldn’t have had a better lending partner and we are looking forward to working with them again in the near future.”
Tech CU’s commercial real estate loans can be used for real estate acquisition and refinancing, including: owner-occupied and investor-owned office, mixed-used properties, warehouse, light industrial, retail and multi-family properties.
For more information, contact Tech CU at 800.448.1467.
ABOUT TECHNOLOGY CREDIT UNION
Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Tech CU has served the high tech workforce in Silicon Valley for more than 50 years. Today, Tech CU is one of largest credit unions in the country with 69,000 individual and business members and more than $1.7 billion in assets. The financial institution is recognized as one of the best managed and strongest in the country. Tech CU’s members have access to 65,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches throughout the Bay Area, and comprehensive wealth management and small business services.
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