First “Ground Up” Construction Project in San Francisco Broadens Tech CU’s Market Presence
San Jose – May 15, 2017 — Tech CU (Technology Credit Union) announced today that it is providing an $8.5 million construction loan for Presidio Bay Ventures, LLC. The loan will fund the development of a 20-unit, multifamily project in San Francisco’s Dogpatch neighborhood.
“Tech CU is excited to be expanding its market presence in San Francisco. Having the opportunity to work with the principals of Presidio Bay Ventures is exciting for Tech CU, given their experience in developing high quality residential projects like this one,” said Joe Anzalone, Chief Commercial Banking Officer at Tech CU. “We’re looking forward to working closely with Presidio Bay to provide one of San Francisco’s most popular neighborhoods with more innovative housing options for families.”
Located at 595 Mariposa Street, the multifamily apartment project will consist of a 5-story, 20-unit residential apartment complex featuring more than 14,500 square feet of living space. The building will have 24 bike parking spaces, a private common area, and a rooftop deck. It will provide much-needed housing for Dogpatch, one of San Francisco’s most up-and-coming neighborhoods. Residents of the building will be within walking-distance of the new UCSF Benioff Children’s Hospital and in close proximity to the Golden State Warriors’ Chase Center Arena (opening in 2019).
The credit union specializes in both residential and commercial construction loans, offering competitive fixed and variable rates. Tech CU’s deep local market expertise along with efficient loan application and underwriting process, help set the credit union apart from the competition.
“The Dogpatch neighborhood is growing rapidly and has become one of the most sought-after neighborhoods for real estate in San Francisco,” said Cyrus Sanandaji, Managing Director at Presidio Bay. “The construction loan from Tech CU will enable us to create a beautiful new apartment complex for individuals and young families to put down roots in one of the most in-demand U.S. cities.”
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