SAN JOSE, CA--(Marketwired - January 31, 2017) - Tech CU (Technology Credit Union) announced today that it has provided a $7 million commercial real estate loan to Dollinger Properties to support the acquisition of a 50,951-square foot R&D/office property in North San Jose. The credit union also provided a Small Business Administration (SBA) 7(a) loan to Innovations Health to purchase three Bay Area pediatric facilities serving catastrophically injured and severely disabled children.
"We pride ourselves on being one of the most successful and highly regarded real estate investment firms in Silicon Valley. This property aligns with our goal of acquiring multi-tenant R&D/industrial flex and retail properties -- allowing us to add to our portfolio of more than 60 premier Bay Area properties that we own and manage," said Dave Dollinger, principal at Dollinger Properties.
"These facilities represent a critical component of the Northern California continuum of care," said Ken McGuire, President & CEO of Innovations Health Systems, LLC, a Rocklin-based owner and operator of complex care entities. "The children who live in these facilities are amongst the most fragile individuals in California and the loan from Tech CU ensures their care will continue uninterrupted. Tech CU took the time to learn about these businesses and the children they serve. Their desire to fully understand the needs of our children as a component of their decision-making process is unheard of in the banking community."
The businesses financed through the Innovations Health transaction include Campbell-based Children's Recovery Center and Saratoga-based Saratoga Pediatric Sub-Acute, which provide sub-acute care to infants and children. It also includes Scribbles and Giggles Pediatric Day Health Center, which provides day health care services to children with disabilities who live with their parents or guardians.
Tech CU is one of only a handful of credit unions to have built out a comprehensive business and commercial banking product offering. The credit union provides commercial real estate, multi-family, construction, SBA and asset-based loans -- helping to address the banking needs of small to middle-sized companies and businesses.
"It's a pleasure for Tech CU to fuel the expansion and growth of these companies," said Joe Anzalone, Tech CU's Chief Commercial Banking Officer. "Tech CU believes strongly in playing a positive role in the community. Both loans fulfill that philosophy. Dollinger Properties is highly skilled at identifying underperforming commercial properties and repositioning them to achieve maximum potential and best use. Innovations Health works to preserve vitally important businesses that specialize in helping infants and young children with complex medical conditions."
Tech CU's commercial real estate loans can be used for real estate acquisition and refinancing, including owner-occupied and investor-owned office, mixed-used properties, warehouse, light industrial, retail and multifamily properties. For more information, visit www.techcu.com/commercial or contact Tech CU at 800.448.1467.
Tech CU is also a top originator and a preferred lender for SBA guaranteed loans. To learn more, visit https://www.techcu.com/Business/Business-Loans-and-Lines/SBA-Loans/ or contact Tech CU at (800) 448-1467.
ABOUT TECH CU
Tech CU (www.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.