Tech CU Provides $7 Million Commercial Real Estate Loan to Dollinger Properties; Funds Innovations Health’s Acquisition of Local Pediatric Businesses via SBA (7) Loan
Loans will support the acquisition of a San Jose office building (Dollinger Properties) and facilities providing complex care to medically fragile children (Innovations Health)
San Jose – January 31, 2017 — Tech CU (Technology Credit Union) announced today that
it has provided a $7 million commercial real estate loan to Dollinger Properties
to support the acquisition of a 50,951-square foot R&D/office property in North San
Jose. The credit union also provided a Small Business
Administration (SBA) 7(a) loan to Innovations Health to purchase three Bay Area pediatric facilities serving
catastrophically injured and severely disabled children.
“We
pride ourselves on being one of the most successful and highly regarded real
estate investment firms in Silicon Valley. This property aligns with our goal
of acquiring multi-tenant R&D/industrial flex and retail properties — allowing
us to add to our portfolio of more than 60 premier Bay Area properties that we
own and manage,” said Dave Dollinger, principal at
Dollinger Properties.
“These facilities represent a
critical component of the Northern California continuum of care,” said Ken
McGuire, President & CEO of Innovations Health Systems, LLC, a
Rocklin-based owner and operator of complex care entities. “The children who
live in these facilities are amongst the most fragile individuals in California
and the loan from Tech CU ensures their care will continue uninterrupted. Tech
CU took the time to learn about these businesses and the children they serve.
Their desire to fully understand the needs of our children as a component of
their decision-making process is unheard of in the banking community.”
The businesses financed through the
Innovations Health transaction include Campbell-based Children’s Recovery
Center and Saratoga-based Saratoga Pediatric Sub-Acute, which provide sub-acute
care to infants and children. It also includes Scribbles and Giggles Pediatric
Day Health Center, which provides day health care services to children with
disabilities who live with their parents or guardians.
Tech CU
is one of only a handful of credit unions to have built out a comprehensive
business and commercial banking product offering. The credit union provides
commercial real estate, multi-family, construction, SBA and asset-based loans —
helping to address the banking needs of small to middle-sized companies and
businesses.
“It’s a pleasure for Tech CU to fuel the
expansion and growth of these companies,” said Joe Anzalone, Tech CU’s Chief Commercial Banking Officer. “Tech CU believes strongly
in playing a positive role in the community. Both loans fulfill that philosophy. Dollinger Properties is
highly skilled at identifying underperforming commercial properties and repositioning
them to achieve maximum potential and best use. Innovations Health works to preserve
vitally important businesses that specialize in helping infants and young
children with complex medical conditions.”
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
multifamily properties. For more information, visit www.techcu.com/commercial
or contact Tech CU at 800.448.1467.
Tech CU is also a top originator
and a preferred lender for SBA guaranteed loans. To learn more, visit https://www.techcu.com/Business/Business-Loans-and-Lines/SBA-Loans/ or contact Tech CU at (800) 448-1467.
ABOUT TECH CU
Tech CU (www.techcu.com) is a $2 billion+ credit union serving
more than 80,000 members throughout the San Francisco Bay Area — including
employees of such companies as Tesla, eBay, Applied Materials, Nvidia and
Facebook. A federally insured, not-for-profit organization, we put the
financial interests of our members ahead of shareholder profit by helping
members achieve their financial goals on their terms and by sharing the
benefits of our growth. Founded in 1960 by a group of forward-thinking
employees at Fairchild Semiconductor, today we continue to be an industry
leader, providing innovative financial products for all stages of our members’
lives, including personal banking, wealth management, private banking,
commercial lending and business banking. Tech CU consistently achieves high
marks for its customer satisfaction and maintains a 5-star rating from Bauer
Financial, the nation’s largest independent rating service for financial
institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs
worldwide (more than Chase, Bank of America and Wells Fargo combined) and
convenient branch access to our financial experts, Tech CU makes 24/7 banking
easy and empowering.
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Contact:
Linden Kohtz
Public Relations
(512) 964-3784
[email protected]