Loan Assisted in the Acquisition of The Ascot Suites located in Morro Bay, Calif.
SAN JOSE, Calif., Aug. 07, 2019 — Tech CU (Technology Credit Union) announced it has provided a $4.675 million USDA business loan to Oceanic Enterprises, a private property management firm based in San Diego, California. The loan helped Oceanic Enterprises purchase The Ascot Suites, a 32-room boutique hotel located at 260 Morro Bay Boulevard in Morro Bay, California.
“We are thrilled to work with Oceanic Enterprises on this loan,” said Joe Anzalone, Chief Commercial Banking Officer at Tech CU. “The owner is a smart, savvy and highly experienced hotelier who had a strong vision and strategy for what The Ascot Suites could be, as well as the skillset to implement that plan effectively. Furthermore, our commercial bankers are experienced with the various government guaranteed lending programs available and determined the USDA program would be ideal to meet the needs of our borrower.”
“I believe that every hotel deserves to reach its full potential,” said Manoj Chawla, the president and founder of Oceanic Enterprises. “I am excited to bring out the potential in The Ascot Suites. We chose to work with Tech CU because they immediately understood our vision for the property, and I had a previous experience with them (they financed a hospitality property I was selling for another client) and liked their service.”
About Oceanic Enterprises
Oceanic Enterprises is a private property management firm based in San Diego, California. The company was founded in 2011 by Manoj Chawla. It’s portfolio currently consists of nine properties. To learn more about Oceanic Enterprises, please visit: https://oceanicenterprises.com/.
About Tech CU
Tech CU (Technology Credit Union) has assets in excess of $2.8 billion, making it one of the 20 largest credit unions in California. It serves more than 110,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. As a federally insured not-for-profit organization, instead of maximizing profits to pay company stockholders, 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 be an industry leader, providing 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 top-performing credit union in the U.S. among 552 credit unions by S&P Global Market Intelligence for the second year in a row. To learn more, please visit: www.techcu.com.