SOURCE: Technology Credit Union
SAN JOSE, CA--(Marketwire - Oct 16, 2012) - Technology Credit Union (Tech CU) and the California Institute of Integral Studies (CIIS) announced today that CIIS has chosen Tech CU to refinance its headquarter property in San Francisco's South-of-Market district with a $12 million commercial real estate loan. With the closing of this financing, Tech CU is now the nonprofit university's primary lender.
"Tech CU was able to offer us a flexible refinance solution that met our needs as an independent university," said CIIS President Joseph L. Subbiondo. "Their professional team had the expertise necessary to negotiate with our former lender and ensure an expedient refinancing of the loan. On a more personal level, we appreciated working with a local financial institution that has strong ties to the Bay Area."
For information on CIIS, check www.ciis.edu.
"Tech CU has committed resources to provide flexible and customized commercial real estate lending solutions for organizations with various financing requirements. We were able to compete and win a relationship with CIIS by providing a financing solution to meet their needs," said Tech CU's EVP and Chief Banking Officer Joe Anzalone. "Tech CU is on a path of prudent loan growth this year. Having the opportunity to work with a fine educational institution such as CIIS is exciting for us as we expand our presence in the greater Bay Area marketplace. We see this as the beginning of a long-term relationship between our two institutions."
Anzalone said that Tech CU hopes to provide customized financial services to CIIS as an institution, as well as to its staff, students, and leadership. Tech CU plans to grow its business banking and commercial lending portfolios as part of a strategic plan to diversify the credit union's offerings.
"Today's economy and regulatory environment are creating challenges for all financial institutions," said Tech CU Board Chairman, Mical Atz Brenzel. "By diversifying our products and services, Tech CU is in a stronger position to navigate through these challenges and achieve financial success for the credit union, which ultimately protects our members' deposits."
To this extent, Tech CU recently hired real estate financing veteran Robert Sherrard as SVP of Commercial Real Estate who will focus on expanding Tech CU's presence in the Bay Area commercial real estate market. And earlier this year, Tech CU hired Niki Wong as VP of Commercial Lending. Sherrard and Wong are working with Herman White, SVP & Manager of the Corporate Banking Group, as leaders of a team focused on growing TCU's commercial real estate loan portfolio by building and deepening Tech CU's relationships with commercial real estate developers, owners and investors.
"Our commercial team includes some of the most experienced financing professionals in the Bay Area," said Tech CU President and CEO Barbara B. Kamm. "Their collective knowledge, expertise and willingness to do what it takes to create solutions for our business and nonprofit members -- current and future -- speaks to the core of who we are as an organization."
Tech CU offers commercial real estate loans to Bay Area businesses and nonprofits that can be used for real estate acquisition and refinancing. This includes: owner-occupied and investor-owned office, mixed-used properties, warehouse, light industrial, retail and multi-family properties.
For more information, contact Tech CU Corporate Banking at 800.448.1467.
ABOUT TECHNOLOGY CREDIT UNION
Founded in 1960 by the employees of Fairchild Camera and Instrument Semiconductor Division, Tech CU has served the high tech workforce in Silicon Valley for more than 50 years. Today, Tech CU has extended its membership benefits to small and medium-size businesses and individuals who live and work in the greater Bay Area. The financial institution is recognized as one of the best managed and strongest in the country. Tech CU's 69,000 members have access to 75,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches in the Bay Area, and comprehensive wealth management and small business services.