Tech CU Provides $23.4 Million Construction Loan to Republic
Family of Companies to Develop Multifamily and Mixed-Use Retail Development
San Jose – April 25, 2018 — Tech CU (Technology Credit
Union) announced today that it is providing a $23.4 million construction loan
to the Republic Urban Properties. This loan will fund the development of an
83-unit apartment building, a single story underground parking lot, and 7,000
square feet of mixed-use retail in downtown Morgan Hill.
“We
had the privilege of providing financing to the Republic Family of Companies on
a prior occasion a couple of years ago. They are exemplary developers and real
estate investors and know how to create projects which embody the character of
the location where they are building,” said Joe Anzalone, Chief Commercial
Banking Officer at Tech CU. “We’re thrilled to be able to provide construction
financing for this very well-conceived project.”
It is named the “Sunsweet Project” because the
Republic Family of Companies will be constructing a new four story, 83-unit
apartment and mixed retail project on what was once an old Sunsweet raisin drying
warehouse. At completion, the new
mixed-use luxury apartment community will become the tallest building in the downtown
Morgan Hill area. The apartments are poised to become an urban community —
blending stylish residences and deluxe amenities with convenient access to
retail shopping, restaurants and public transportation.
Located steps away from Caltrain on Depot
Street in Morgan Hill, Sunsweet is also convenient to Highway 101, offering easy
access to the Bay Area and Silicon Valley’s top employers. The project will
provide a unique collection of exclusive amenities, including a swimming pool, spa,
state-of-the-art fitness center, indoor and outdoor lounges, grilling stations,
an outdoor playground, community room and dog park.
“There were a variety of factors that drew us
to this project, including Morgan Hill’s vibrant night life, outstanding restaurants
and charming wineries. However, what made this project really special is its close
proximity to the Caltrain stop. Transit-oriented developments are a Republic
specialty,” said Michael Van Every, the President/CEO of Republic Urban
Properties LLC. “And, we chose to work with Tech CU because we had a great
experience with them on a previous project.”
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 an 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
the Republic Family of Companies
Republic Family of Companies is a privately
owned, full-service real estate investment, management and development
enterprise that encompass several businesses, including Republic Properties
Corporation, Republic Urban Properties LLC, Republic Land Development and
Republic Metropolitan with offices in Greenwich, Connecticut, Washington D.C.
and San Jose, CA. For more than 40 years, we have focused on institutional
quality real estate, actively managing partnerships, and other fiduciary
relationships for successful real estate investments throughout the United
States. Republic has developed award-winning real estate projects ranging from
land development, multi-family, office, hotel, motel, and industrial to
historic adaptive reuse to shopping malls. We have developed and invested in
real property transactions totaling over 25 million square feet with a value in
excess of $5 billion. To learn more, please visit: http://www.republicfamilyofcompanies.com/.
About
Tech CU
Tech CU
(Technology Credit Union) is a $2.5 billion credit union, making it one of the
20 largest credit
unions in
California. It serves more than 95,000 members throughout the San Francisco Bay
Area —
including
employees of such companies as Tesla, eBay, Applied Materials, Nvidia and
Facebook. As a
federally insured
not-for-profit organization, instead of maximizing profits to pay company
stockholders, we invest our resources to deliver lower rates, outstanding
service and member benefits. 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. In 2018, Tech CU was named the best
performing credit union in CA, and third top-performing credit union in the
U.S. among 538 credit unions by S&P Global Market Intelligence. To learn
more, please visit: www.techcu.com.
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Contact:
Linden Kohtz
Public Relations, Tech CU
[email protected]