Tech CU Provides $23 Million Construction Loan to W.L. Butler, Inc. to Develop a new Apartment Project Overlooking San Mateo's Central Park
San Jose, Calif. - February 14, 2018 - Tech CU (Technology Credit Union) announced today that it is providing a $23 million construction loan to W.L. Butler, Inc. The loan will fund the development of a 60-unit apartment building overlooking Central Park in San Mateo.
"We are thrilled to be able offer this financing for this well-conceived apartment project," said Joe Anzalone, Chief Commercial Banking Officer at Tech CU. "I have had the pleasure of providing financing on numerous development projects to the principals of the W.L. Butler organization over many years, and I'm confident that Tech CU will be able to assist them on what will be another successful project. Furthermore, this project represents the development of "workforce" housing units that our region desperately needs to counter the effects of the affordable housing crisis in the Bay Area."
Located at 9th Avenue in San Mateo, the apartment project will feature a 75,525 square foot apartment building featuring 60 units with 10 percent being below market rate (BMR) units. The building will be a mix of 1 bedroom, 1 bedroom with a study, and 2-bedroom, 2 bath apartment units. Some units will have balconies and others will have enclosed patios.
"San Mateo is a rapidly growing community in the heart of Silicon Valley," said Gina Henson, CFO at W. L. Butler, Inc. "We are excited to be a part of contributing new housing in San Mateo's Central Park area, so more people can live and work in an area that is walkable and convenient to downtown."
Tech CU specializes in both residential and commercial construction loans, offering competitive fixed and variable rates. The credit union's deep local market expertise along with efficient loan application and underwriting process, help set it apart from the competition.
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 W. L. BUTLER, INC.
W.L. Butler, Inc. is a full-service general contractor dedicated to project excellence and providing outstanding customer service. The company has over 40 years of experience serving the western region with offices throughout California.
ABOUT TECHNOLOGY CREDIT UNION
Tech CU (www.techcu.com) is a $2.5 billion credit union serving more than 95,000 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 the innovative employees of Fairchild Semiconductor, today we continue to be an industry leader, providing convenient and easy-to-use 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.