SOURCE: Technology Credit Union

Technology Credit Union

May 15, 2017 11:00 ET

Tech CU Provides $8.5 Million Construction Loan for Presidio Bay Ventures to Create a Multifamily Development in San Francisco's Dogpatch Neighborhood

First "Ground Up" Construction Project in San Francisco Broadens Tech CU's Market Presence

SAN JOSE, CA--(Marketwired - May 15, 2017) - Tech CU (Technology Credit Union) announced today that it is providing an $8.5 million construction loan for Presidio Bay Ventures, LLC. The loan will fund the development of a 20-unit, multifamily project in San Francisco's Dogpatch neighborhood.

"Tech CU is excited to be expanding its market presence in San Francisco. Having the opportunity to work with the principals of Presidio Bay Ventures is exciting for Tech CU, given their experience in developing high quality residential projects like this one," said Joe Anzalone, Chief Commercial Banking Officer at Tech CU. "We're looking forward to working closely with Presidio Bay to provide one of San Francisco's most popular neighborhoods with more innovative housing options for families."

Located at 595 Mariposa Street, the multifamily apartment project will consist of a 5-story, 20-unit residential apartment complex featuring more than 14,500 square feet of living space. The building will have 24 bike parking spaces, a private common area, and a rooftop deck. It will provide much-needed housing for Dogpatch, one of San Francisco's most up-and-coming neighborhoods. Residents of the building will be within walking-distance of the new UCSF Benioff Children's Hospital and in close proximity to the Golden State Warriors' Chase Center Arena (opening in 2019).

The credit union specializes in both residential and commercial construction loans, offering competitive fixed and variable rates. Tech CU's deep local market expertise along with efficient loan application and underwriting process, help set the credit union apart from the competition.

"The Dogpatch neighborhood is growing rapidly and has become one of the most sought-after neighborhoods for real estate in San Francisco," said Cyrus Sanandaji, Managing Director at Presidio Bay. "The construction loan from Tech CU will enable us to create a beautiful new apartment complex for individuals and young families to put down roots in one of the most in-demand U.S. cities."

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 billion credit union serving more than 85,000 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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