SAN JOSE, CA--(Marketwired - March 22, 2017) - Tech CU (Technology Credit Union) announced today that it is participating in a $27.4 million construction loan originated and led by Silicon Valley Bank (SVB). This loan will provide funding for First Community Housing to build a new 135-unit affordable housing project in San Jose called Second Street Studios. Tech CU's participation will total $8 million.
"For more than 57 years, we've been passionate about helping our local community. Today, we are proud to announce that we are funding our first affordable housing project, which will improve hundreds of lives in the San Jose region," said Todd Harris, CEO of Tech CU. "First Community Housing has an impressive track record of creating quality, sustainable and affordable housing projects in the Bay Area and SVB has developed an equally impressive track record of financing high quality, affordable housing projects over many years. We're honored to have the opportunity to partner with these two exceptional organizations to help address the significant affordable housing challenges facing our region."
Tech CU currently serves a community of more than 80,000 members in the Bay Area. The company provides a variety of commercial lending products to help real estate developers, investors and business owners acquire, construct and improve their commercial and residential properties.
"The Second Street Studios project will provide hundreds of local residents with a safe, comfortable place to call home," said Fiona Hsu, Manager of Community Development Finance at SVB. "We're excited that Tech CU has joined us in helping the Second Street Studios project come to fruition. This project brings much-needed affordable housing to the most vulnerable population in San Jose."
Located at the corner of South Second Street and Keyes Street, the proposed four-floor Second Street Studios building will feature 135 energy-efficient studio and one-bedroom apartments. The project begins construction in March, 2017 and will provide housing for community members most in need. In addition, the project is being built with sustainability in mind and is expected to receive Gold or Platinum Leadership in Energy and Environmental Design (LEED) certification.
"We've made it our mission to develop and manage affordable housing for households throughout the South Bay," said Geoff Morgan, Executive Director at First Community Housing. "SVB and Tech CU financing will give us the opportunity to make our vision of providing our low-income and homeless community with much-needed housing a reality."
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. For more information on asset-based lending, visit: techcu.com/Business/Business-Loans-and-Lines/Tech-Capital-LLC/.
ABOUT TECH CU
Tech CU (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.