Making good on its mission tocontinue growing its commercial real estate portfolio this year,Technology Credit Union said it has funded a $4.5 million loan forthe historic Fox Theatre building in downtown Redwood City,Calif.

The $1.7 billion credit union in San Jose, Calif., said thismost recent loan was provided to Fox Theatre owners Eric and LoriLochtefeld, who purchased the property out of foreclosure in 2010with plans to renovate and bring it back to life by turning thetheatre into a mixed-use property with 6,000 square feet of retail,10,000 square feet of office, and 20,000 square feet of theaterspace for live performances and private events.

Listed on the National Register of Historic Places, the FoxTheatre opened in 1929 under the name, The New Sequoia Theater, asa place to show motion pictures, according to TechCU. In 1950, it was renovated and reopened as a liveperformance venue.

Throughout its 85-year history, the theater has remained aniconic spot in the Bay Area, having recently hosted such keyfigures as President Obama, Supreme Court Justice Sonia Sotomayor,authors Caroline Kennedy and George R.R. Martin (“Game ofThrones”), singer/songwriters Colbie Caillat and Ben Harper, and aslew of classic Broadway musicals.

“This financing opportunity is unique because the theater issuch an important landmark on the Peninsula,” said Niki Wong,senior vice president of commercial/SBA lending for Tech CU. “As alocal lender, we appreciate being involved in supporting thepreservation of an historic property, while also seeing thebusiness opportunity Eric and Lori envision for thefuture.”

Eric Lochtefeld said Tech CU's lending team structured therefinancing of this property to the benefit of his and Lori'sbusiness model and investment strategy.

“They were also flexible and efficient in dealing with thepaperwork and getting the loan funded — something we greatlyappreciate,” Eric said.

The Fox Theatre loan is the latest in financing provided by TechCU to bolster its CRE presence.

In December, the credit union said it closed on a $10 millioncommercial real estate loan to developers Pelio & Associates toprovide long-term financing for the Los Gatos Motor Inn located inLos Gatos, Calif.

Tech CU was involved in several notable CRE projects in 2013. InJuly, the cooperative said it closed on a $3 million residential construction loan to fund a four-unit townhousedevelopment in Menlo Park, Calif.

Last March, the credit union said it also closed on a $9.5 million loan tosupport the refinancing of a multi-tenant property that is locatedin downtown Mountain View, Calif., and counts Google Inc. as one of its tenants.

In addition, Tech CU approved a $5.14 million loan to supportthe purchase of an historic South of Market office building in SanFrancisco.