Tech CU’s $15 Million CRE Loans Builds Bay Area Presence
The recent funding of two large commercial real estate loans has helped Technology Credit Union further establish its presence in the Bay Area.
The $1.7 billon Tech CU in San Jose, Calif., said it closed nearly $15 million in CRE loans in December 2012, including a $9.5 million loan to support the refinancing of a multi-tenant property that is located in downtown Mountain View and counts Google Inc. as one of its tenants.
The credit union also approved a $5.14 million loan to support the purchase of an historic South of Market, commonly known as SOMA, office building in San Francisco.
Tech CU said it also ended 2012 with strong loan growth in residential mortgages, closing 676 single-family member loans totaling nearly $219 million.
With a focus on diversifying and growing its real estate loan portfolio in 2013, Tech CU said it has also approved higher limits on residential mortgages up to $8 million and home equity lines of credit up to $1 million.
"We're constantly evaluating our products, considering how well they satisfy members’ needs in this market,” said Tech CU Chief Banking Officer Joe Anzalone.