Tech CU Provides $14.7 Million Construction Loan
to Eastwood Development, Inc.
Loan will be used to develop four two-unit luxury
condominium buildings and one single-family residence
San Jose, Calif. – January
30, 2020 – Tech CU (Technology Credit Union) today announced that
it is providing a $14.7 million construction loan to Eastwood Development, Inc.
The loan will fund the development of four two-unit luxury condominium
buildings and one single-family residence in the Potrero Hill neighborhood in
San Francisco, Calif. The
project’s site is significantly above street level, so construction of the
project will require excavation and the removal of more than 6,000 cubic yards
of soil and rock. The project is also the
largest Eastwood Development has undertaken to date.
excited to be able to offer financing to Eastwood Development, Inc. for this
well-conceived project,” said Joe Anzalone, Chief Commercial Banking Officer at
Tech CU. “Lucas Eastwood is an exceptional developer whose projects feature
high-end design, and outdoor living amenities. His track record in building
high quality residential projects in San Francisco has been superb.”
on contiguous lots at 923 – 939 Kansas Street in San Francisco, the
single-family residence and four condo buildings will each be four levels with
one two-car garage per building. Private usable open space will be provided for
each dwelling unit in the form of a rear yard or rooftop decks. Additionally,
ten Class 1 bicycle parking spaces will be provided along the east side of
Kansas Street in front of the project site – offering tenants a secure place to
park their bikes. The new units are also conveniently located near the San
Francisco General Hospital and Highway 101, offering
easy access to Silicon Valley’s top employers.
Development, we look for projects that allow us to blend refined architecture
and modern lifestyle. While every project is unique, this one presents a large
construction challenge that might give other lenders pause,” said Lucas
Eastwood, the owner and principal of Eastwood Development, Inc. “We were
excited to find Tech CU as a lender. Not only has everything been very smooth
throughout the process, but they understood our unique needs and construction
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 processes, help set it apart from
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.
Eastwood Development, Inc.
Development is a full service general contracting firm committed to crafting
high-end architecture for single and multi-unit residences. Since 2007, it has
been providing exceptional work dedicated to the idea that a home should be a
blend of refined architecture and modern lifestyle. Eastwood Development
specializes in full-scale renovations, additions and ground-up construction. To
learn more, please visit: https://eastwoodsf.com/.
About Tech CU
Tech CU (Technology
Credit Union) has assets in excess of $3 billion, making it one of the 20
largest credit unions in California. It serves more than 125,000 members living
and working throughout the counties of Santa Clara, San Mateo, Alameda, Contra
Costa, Santa Cruz, San Francisco, Sacramento, San Joaquin, Solano, Marin, Napa,
Sonora, Los Angeles, Orange and San Diego. As a federally insured
not-for-profit organization, Tech CU invests its resources to deliver lower
rates, outstanding service and member benefits. Founded in 1960 by the
innovative employees of Fairchild Semiconductor, today Tech CU continues to
leverage technology to provide convenient and easy-to-use financial products
for all stages of their members’ lives, including personal banking, wealth
management, private banking, commercial lending and business banking. In 2019,
Tech CU was named the best-performing credit union in CA, and third
best-performing credit union in the U.S. for the second year in a row, among
the 552 credit unions with assets over $500 million evaluated by S&P Global
Market Intelligence. To learn more, please visit: www.techcu.com.
Public Relations, Tech