Tech CU Provides $8.5 Million
Construction Loan for Presidio Bay Ventures to Create a Multifamily Development
in San Francisco’s Dogpatch Neighborhood
First “Ground Up” Construction Project in San Francisco Broadens Tech
CU’s Market Presence.
San Jose – May 15, 2017 — Tech CU (Technology Credit Union) announced today
that it is providing an $8.5 million construction loan for Presidio Bay
Ventures, LLC. The loan will fund the development of a 20-unit, multifamily project
in San Francisco’s Dogpatch neighborhood.
“Tech CU is excited to be
expanding its market presence in San Francisco.
Having the opportunity to work with the principals of Presidio Bay
Ventures is exciting for Tech CU, given their experience in developing high
quality residential projects like this one,” said Joe Anzalone, Chief
Commercial Banking Officer at Tech CU. “We’re looking forward to working closely
with Presidio Bay to provide one of San Francisco’s most popular neighborhoods
with more innovative housing options for families.”
Located at 595 Mariposa
Street, the multifamily apartment project will consist of a 5-story, 20-unit
residential apartment complex featuring more than 14,500 square feet of living
space. The building will have 24 bike parking spaces, a private common area,
and a rooftop deck. It will provide much-needed housing for Dogpatch, one of
San Francisco’s most up-and-coming neighborhoods. Residents of the building
will be within walking-distance of the new UCSF Benioff Children’s Hospital and
in close proximity to the Golden State Warriors’ Chase Center Arena (opening in
2019).
The credit union specializes
in both residential and commercial construction loans, offering competitive fixed
and variable rates. Tech CU’s deep local market expertise along with efficient
loan application and underwriting process, help set the credit union apart from
the competition.
“The Dogpatch neighborhood is
growing rapidly and has become one of the most sought-after neighborhoods for
real estate in San Francisco,” said Cyrus Sanandaji, Managing Director at Presidio
Bay. “The construction loan from Tech CU will enable us to create a beautiful
new apartment complex for individuals and young families to put down roots in
one of the most in-demand U.S. cities.”
Tech CU’s commercial real estate loans can be used for acquisition, construction, and
refinancing. For more information, visit techcu.com/business/
or contact Tech CU at (800) 448-1467.
ABOUT TECH CU
Tech CU (techcu.com) is a $2 billion credit union serving more than 85,000
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]