SOURCE: Technology Credit Union

Technology Credit Union

September 05, 2017 11:38 ET

Tech CU Provides $3 Million Real Estate Loan to Fund the Acquisition of Commercial Property in San Jose, CA

Credit Union Partners with Former Intero Owners Tom Tognoli and John Thompson to Help Fuel Local Economy

SAN JOSE, CA--(Marketwired - September 05, 2017) - Tech CU (Technology Credit Union) announced today that it is providing a $3 million commercial real estate loan to property developers and real estate investors Tom Tognoli and John Thompson, founders and previous owners of Intero Real Estate Services, Inc., a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc. The loan will assist in funding the purchase of a commercial property in downtown San Jose, as well as provide for minor tenant improvement work and miscellaneous expenditures.

"Tom and John have a strong track record of real estate investment success and we are thrilled to be working with them on the 380 N. First Street acquisition," said Robert Sherrard, Senior Vice President and Manager, Real Estate at Tech CU. "Our mission is to have a positive impact on Bay Area communities and we look forward to continuing this relationship while further strengthening our local economy."

Located at 380 N. First Street, the subject property is a 12,000 square foot, Class B office building located on a half-acre corner lot. The building is in an ideal downtown San Jose setting -- perfect for commuters due to its close driving proximity to U.S. Route 101, Interstates 280 and 880, and California State Route 87. The future occupants of the building will also be within walking distance of W. Santa Clara Street's numerous restaurants. Thompson and Tognoli's long-term vision for the property includes developing a much needed mixed-use building hosting commercial office space, retail and condominiums.

A Bay Area credit union leader, Tech CU offers a broad range of commercial real estate lending solutions which enable real estate developers, investors and business owners to acquire, construct and improve their commercial and industrial properties. Tech CU's experienced team of commercial bankers have extensive knowledge and skill in providing customized lending solutions to meet the borrower's unique financing needs.

"Tech CU provided us with more flexibility and ease of use compared to the larger, regional financial institutions we've used in the past," said Tognoli. "We appreciated Tech CU's open-mindedness and involvement from everyone within the organization to secure our loan. It's a great relationship for our group and we look forward to potentially using Tech CU on other projects."

"San Jose is in the heart of Silicon Valley and is one of the most in-demand locations for commercial real-estate in the entire Bay Area," said Thompson. "Downtown San Jose has become a mecca for businesses and 380 N. First Street's central location couldn't be better. With this investment, we're looking forward to continuing to fuel San Jose's economy and further bolster an already thriving neighborhood."

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 $2.4 billion credit union serving more than 90,000 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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