SAN JOSE, Calif., Sept. 12, 2018 (GLOBE NEWSWIRE) -- Tech CU (Technology Credit Union) today announced that it is providing a $20.5 million construction loan to Cypress Group. This loan will fund the development of a four-story, 55-unit luxury apartment building with a one-story parking garage. Located at 1785 Almaden Road in San Jose, the planned apartments are near award-winning schools, downtown Willow Glen and highways 87, 280 and 85.
“We’ve had the privilege of providing financing to Cypress Group on a prior occasion, so we know first-hand that they do high quality projects,” said Joe Anzalone, Chief Commercial Banking Officer at Tech CU. “As I have stated in the past, Tech CU wants to actively assist in solving the significant housing shortage facing the Bay Area. Projects such as these, led by great developers like the principals of Cypress Group, are exactly what we should be financing.”
The luxury apartment building will be made up of 54 two-bedroom units and a one-bedroom unit, at approximately 1,100 square feet each. Communal amenities include a courtyard with gas BBQ and fireplace, seating, a water feature and innovative landscaping, as well as a community lounge with a kitchen, wide screen TV and game table. The apartment building will also feature a fitness center and dog park to offer healthy living for both residents and their canine companions. Lastly, the building’s lobby offers additional areas to work and socialize, a package/mail delivery center and an access-controlled bike storage and maintenance room.
“When we take on a project, we like to have something that makes it unique and special. In this case, we will incorporate a number of green building features — including a cool roof, energy efficiency in excess of the already rigorous Title 24 standards and water saving fixtures,” said Tim Henderson, President of Cypress Group. “We’re thrilled to have Tech CU as our lender throughout this process. Everything has been very smooth — from the initial letter of intent, through underwriting, loan approval and the loan draw process.”
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 Cypress Group
Cypress Group is a vertically integrated, highly experienced real estate development firm focused on residential projects of up to one hundred units in Northern California. We work with clients at any stage of the development process: acquiring raw land, creating the development pro forma, designing and entitling the project, assisting with the creation of an LLC or other appropriate legal entity, building the project as general contractor, managing the completed project or selling the property. We are a licensed General Contractor, licensed Real Estate Broker, certified Property Manager and experienced developer and designer. To learn more, visit http://www.cypress-re.com/.
About Tech CU
Tech CU (Technology Credit Union) has assets in excess of $2.5 billion, 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.