Technology Credit Union (Tech CU) and the California Institute of Integral Studies (CIIS) announced this week that Tech CU would refinance the CIIS headquarter property with a $12 million commercial real estate loan. Located at 1453 Mission Street in San Francisco's South-of-Market district, CIIS purchased the property in 2007 for an undisclosed sum. CIIS spent two years on renovations of the property, originally built in 1912 as the headquarters and factory of a company that produced knitted clothing.
Tech CU offers commercial real estate loans to Bay Area businesses and nonprofits that can be used for real estate acquisition and refinancing. "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."
"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 more news and information visit Blumberg Capital Partners.
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