SAN JOSE, Calif., May 29, 2018 (GLOBE NEWSWIRE) -- Tech CU (Technology Credit Union) announced today that it is providing a $5.36 million construction loan to Panoramic Interests. This loan will fund the development of a four-story, modular designed, 22-unit studio apartment building to be located at 2711 Shattuck Ave in Berkeley, California.
“Affordable housing is a significant problem facing our region and Tech CU is committed to trying to help alleviate this problem. The principals at Panoramic Interests are bringing an innovative and cost-effective approach to development by using modular construction techniques,” said Joe Anzalone, Chief Commercial Banking Officer at Tech CU. “Panoramic Interests has a great track record of developing high quality projects to help to address the sizable need for 'work force' housing. Modular designed projects are a great way to address this issue, given they tend to be less expensive to build than conventional 'site built' projects, and they can be developed at a faster pace. We’re excited to be able to offer financing for this project.”
At roughly 365 square feet each, the studio apartments will come fully furnished. They will also feature nine-foot ceilings, stainless steel energy star appliances, bike storage for residents, high-efficiency lighting, low-flow plumbing fixtures and enhanced indoor air quality. Four of the units will be below market rate to appeal to those meeting the median household income thresholds.
This modular designed project will feature sustainably sourced building materials and will be close to public transportation including the Ashby and Downtown Berkeley BART stations.
“By employing modular construction for this project, we were able to cut eight months off the project schedule. With the current housing crisis and rising construction costs, fabricating the building offsite has led to lower costs and placing the building in service quicker than a conventional building – both of which are critical to solve the housing crisis,” said JP Walsh, the Director of Finance at Panoramic Interests. “Tech CU understood our vision immediately and has been extremely flexible — helping us to focus on what we do best — build.”
Tech CU’s commercial real estate loans can be used for acquisition, construction and refinancing. For more information, visit techcu.com/business/ or contact Tech CU at (800) 448-1467. To learn more about the Panoramic Interest project, please visit: https://www.panoramic.com/cityspaces-location/shattuck-berkeley/.
About Panoramic Interests
Since 1990, Panoramic has completed 15 mixed-use, infill projects in and around downtown Berkeley and San Francisco — adding more than 689 new units of housing, and 100,000 square feet of commercial space. The Berkeleyan Apartments, a mixed-use project built in 1998, was the first new rental housing project by a private developer in downtown Berkeley since World War II. From 2004-2007, Panoramic was the largest private landlord of UC Berkeley students. It also provided more affordable housing in its 7 mixed-use projects than the Berkeley Housing Authority. To learn more, visit https://www.panoramic.com/.
About Tech CU
Tech CU (Technology Credit Union) is a $2.5 billion credit union, making it one of the 20 largest credit unions in California. It serves more than 100,000 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, we invest our resources to deliver lower rates, outstanding service and member benefits. Founded in 1960 by the innovative employees of Fairchild Semiconductor, today we continue to be an industry leader, providing convenient and easy-to-use financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. In 2018, Tech CU was named the best performing credit union in CA, and third top-performing credit union in the U.S. among 538 credit unions by S&P Global Market Intelligence. To learn more, please visit: www.techcu.com.
Contact:
Linden Kohtz
Public Relations, Tech CU
lkohtz@techcu.com