The California Institute of Integral Studies has tapped Technology Credit Union to refinance its headquarters in San Francisco with a $12 million commercial real estate loan.
According to the $1.6 billion credit union in San Jose, Calif., with the closing of this financing, it is now the nonprofit university's primary lender.
“Tech CU was able to offer us a flexible refinance solution that met our needs as an independent university,” said CIIS President Joseph Subbiondo in a statement. “Their professional team had the expertise necessary to negotiate with our former lender and ensure an expedient refinancing of the loan.”
“On a more personal level, we appreciated working with a local financial institution that has strong ties to the Bay Area,” Subbiondo added.
Founded in 1968, CIIS is a private university with more than 1,400 students.
Joe Anzalone, executive vice president and chief banking officer at Tech CU, said the credit union hopes to provide customized financial services to CIIS as an institution, as well as to its staff, students, and leadership.
“We were able to compete and win a relationship with CIIS by providing a financing solution to meet their needs,” Anzalone said. “Having the opportunity to work with a fine educational institution such as CIIS is exciting for us as we expand our presence in the greater Bay Area marketplace.”
In October 2011, Tech CU filed with the NCUA to convert to a mutual savings bank saying the conversion would allow it to expand its commercial lending business. After an outcry opposing the change, in September, more than 13,000 of the credit union’s 70,000 members voted against the bank conversion.