San Jose, Calif. – January 30, 2020 –Tech CU (Technology Credit Union) today announced that it is providing a $14.7 million construction loan to Eastwood Development, Inc. The loan will fund the development of four two-unit luxury condominium buildings and one single-family residence in the Potrero Hill neighborhood in San Francisco, Calif. The project’s site is significantly above street level, so construction of the project will require excavation and the removal of more than 6,000 cubic yards of soil and rock. The project is also the largest Eastwood Development has undertaken to date.
“We’re excited to be able to offer financing to Eastwood Development, Inc. for this well-conceived project,” said Joe Anzalone, Chief Commercial Banking Officer at Tech CU. “Lucas Eastwood is an exceptional developer whose projects feature high-end design, and outdoor living amenities. His track record in building high quality residential projects in San Francisco has been superb.”
Located on contiguous lots at 923 – 939 Kansas Street in San Francisco, the single-family residence and four condo buildings will each be four levels with one two-car garage per building. Private usable open space will be provided for each dwelling unit in the form of a rear yard or rooftop decks. Additionally, ten Class 1 bicycle parking spaces will be provided along the east side of Kansas Street in front of the project site – offering tenants a secure place to park their bikes. The new units are also conveniently located near the San Francisco General Hospital and Highway 101, offering easy access to Silicon Valley’s top employers.
“At Eastwood Development, we look for projects that allow us to blend refined architecture and modern lifestyle. While every project is unique, this one presents a large construction challenge that might give other lenders pause,” said Lucas Eastwood, the owner and principal of Eastwood Development, Inc. “We were excited to find Tech CU as a lender. Not only has everything been very smooth throughout the process, but they understood our unique needs and construction timeline.”
Tech CU specializes in both residential and commercial construction loans, offering competitive fixed and variable rates. The credit union’s deep local market expertise along with efficient loan application and underwriting processes, help set it apart from the competition.
Tech CU’s commercial real estate loans can be used for acquisition, construction and refinancing.
About Eastwood Development, Inc.
Eastwood Development is a full service general contracting firm committed to crafting high-end architecture for single and multi-unit residences. Since 2007, it has been providing exceptional work dedicated to the idea that a home should be a blend of refined architecture and modern lifestyle. Eastwood Development specializes in full-scale renovations, additions and ground-up construction.
About Tech CU
Tech CU (Technology Credit Union) has assets in excess of $3 billion, making it one of the 20 largest credit unions in California. It serves more than 125,000 members living and working throughout the counties of Santa Clara, San Mateo, Alameda, Contra Costa, Santa Cruz, San Francisco, Sacramento, San Joaquin, Solano, Marin, Napa, Sonora, Los Angeles, Orange and San Diego. As a federally insured not-for-profit organization, Tech CU invests its resources to deliver lower rates, outstanding service and member benefits. Founded in 1960 by the innovative employees of Fairchild Semiconductor, today Tech CU continues to leverage technology to provide convenient and easy-to-use financial products for all stages of their members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. In 2019, Tech CU was named the best-performing credit union in CA, and third best-performing credit union in the U.S. for the second year in a row, among the 552 credit unions with assets over $500 million evaluated by S&P Global Market Intelligence.