Loan will support new amenities, green building upgrades, accessory dwelling units
San Jose – October 26, 2016 — Tech CU (Technology Credit Union) announced today the funding of a $5.5 million commercial loan to support the refinance of a circa-1910 boutique apartment property located in the Russian Hill neighborhood of San Francisco. A portion of the funds will be used for the innovative creation of additional living space through reconfiguration of several apartments and conversion of underutilized space for Accessory Dwelling Units (ADUs). Seismic retrofits and green, sustainable building improvements will also be completed. The borrower is an entity affiliated with Veritas Investments, Inc., one of the largest owner-operators of multifamily, urban retail and mixed-use properties in the San Francisco Bay Area.
“At Veritas, our goal is to both transform and preserve classic properties,” said Yat-Pang Au, CEO of Veritas Investments. “We work within the community as a good neighbor honoring each building’s specific history, while simultaneously improving resident experience and amenities. This Russian Hill property fits our model perfectly.”
As Tech CU continues to grow and diversify its real estate loan portfolio, the company is focusing on lending to owners and developers of commercial real estate throughout the Bay Area and its adjacent counties. This latest loan builds on that goal.
“As a local lender committed to the Bay Area housing markets, we are happy to provide a more flexible form of financing to ensure that San Francisco’s unique apartment properties and character are preserved,” said Joe Anzalone, Tech CU’s Chief Commercial Banking Officer. “Veritas Investments’ approach to real estate in San Francisco closely matches our own values of playing a positive role in the community.”
“While Veritas may be known more for working with large institutions, we are proud of our relationships with Bay Area firms such as Tech CU and are committed to creating an ecosystem of local community partners,” Au added.
Tech CU’s commercial real estate loans can be used for real estate acquisition and refinancing, including owner-occupied and investor-owned office, mixed-used properties, warehouse, light industrial, retail and multifamily properties. For more information, visit www.techcu.com/commercial or contact Tech CU at 800.448.1467.
About Tech CU
Tech CU (www.techcu.com) is a $2 billion credit union serving more than 75,000 members throughout the San Francisco Bay Area — including employees of companies such as Tesla, eBay, Applied Materials, Nvidia and Facebook. A federally insured, not-for-profit organization, we put the financial interests of our members ahead of shareholder profit by helping members achieve their financial goals on their terms and by sharing the benefits of our growth. Founded in 1960 by a group of forward-thinking employees at Fairchild Semiconductor, today we continue to be an industry leader, providing innovative financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. Tech CU consistently achieves high marks for its customer satisfaction and maintains a 5-star rating from Bauer Financial, the nation’s largest independent rating service for financial institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs worldwide (more than Chase, Bank of America and Wells Fargo combined) and convenient branch access to our financial experts, Tech CU makes 24/7 banking easy and empowering.
About Veritas Investments, Inc.
San Francisco-based Veritas Investments, Inc. is one of the largest owners and operators of multifamily, urban retail and mixed-use properties in San Francisco and the Bay Area. Veritas has assets in excess of $2 billion and earlier this year completed an $815 million financing, the largest portfolio financing of its kind in the history of San Francisco. The firm takes an innovative, tech-forward, community-minded and collaborative approach in transforming real estate into desirable places for people to live and work. Vertically integrated, Veritas and its affiliates provide property management, leasing, project management, redevelopment, accounting, asset management, financing and investment management services. For more information, visit www.veritasinvestments.com.