SAN JOSE, Calif., April 25, 2018 (GLOBE NEWSWIRE) -- Tech CU (Technology Credit Union) announced today that it is providing a $23.4 million construction loan to the Republic Urban Properties. This loan will fund the development of an 83-unit apartment building, a single story underground parking lot, and 7,000 square feet of mixed-use retail in downtown Morgan Hill.
“We had the privilege of providing financing to the Republic Family of Companies on a prior occasion a couple of years ago. They are exemplary developers and real estate investors and know how to create projects which embody the character of the location where they are building,” said Joe Anzalone, Chief Commercial Banking Officer at Tech CU. “We’re thrilled to be able to provide construction financing for this very well-conceived project.”
It is named the “Sunsweet Project” because the Republic Family of Companies will be constructing a new four story, 83-unit apartment and mixed retail project on what was once an old Sunsweet raisin drying warehouse. At completion, the new mixed-use luxury apartment community will become the tallest building in the downtown Morgan Hill area. The apartments are poised to become an urban community — blending stylish residences and deluxe amenities with convenient access to retail shopping, restaurants and public transportation.
Located steps away from Caltrain on Depot Street in Morgan Hill, Sunsweet is also convenient to Highway 101, offering easy access to the Bay Area and Silicon Valley’s top employers. The project will provide a unique collection of exclusive amenities, including a swimming pool, spa, state-of-the-art fitness center, indoor and outdoor lounges, grilling stations, an outdoor playground, community room and dog park.
“There were a variety of factors that drew us to this project, including Morgan Hill’s vibrant night life, outstanding restaurants and charming wineries. However, what made this project really special is its close proximity to the Caltrain stop. Transit-oriented developments are a Republic specialty,” said Michael Van Every, the President/CEO of Republic Urban Properties LLC. “And, we chose to work with Tech CU because we had a great experience with them on a previous project.”
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 an efficient loan application and underwriting process, help set it apart from the competition.
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.
About the Republic Family of Companies
Republic Family of Companies is a privately owned, full-service real estate investment, management and development enterprise that encompass several businesses, including Republic Properties Corporation, Republic Urban Properties LLC, Republic Land Development and Republic Metropolitan with offices in Greenwich, Connecticut, Washington D.C. and San Jose, CA. For more than 40 years, we have focused on institutional quality real estate, actively managing partnerships, and other fiduciary relationships for successful real estate investments throughout the United States. Republic has developed award-winning real estate projects ranging from land development, multi-family, office, hotel, motel, and industrial to historic adaptive reuse to shopping malls. We have developed and invested in real property transactions totaling over 25 million square feet with a value in excess of $5 billion. To learn more, please visit: http://www.republicfamilyofcompanies.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 95,000 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