|By Marketwired .||
|January 23, 2014 05:39 PM EST||
SAN JOSE, CA -- (Marketwired) -- 01/23/14 -- Technology Credit Union (Tech CU) announced this week the credit union has funded a $4.5 million commercial loan for the historic Fox Theatre building in downtown Redwood City. As the credit union continues to grow and diversify its real estate loan portfolio, Tech CU is focusing on lending to owners and developers of commercial real estate throughout the Bay Area and its adjacent counties. This most recent loan was provided to Fox Theatre owners Eric and Lori Lochtefeld, who purchased the property out of foreclosure in 2010 with plans to renovate and bring it back to life by turning the theatre into a mixed-use property with 6,000 square feet of retail, 10,000 square feet of office, and 20,000 square feet of theater space for live performances and private events.
The Fox Theatre is listed on the National Register of Historic Places. It opened in 1929 under the name, "The New Sequoia Theater" as a place to show motion pictures and, in 1950, was renovated and reopened as a live performance venue. Throughout its 85-year history, the theater has remained an iconic spot in the Bay Area, having recently hosted such key figures as President Barack Obama, Supreme Court Justice Sonia Sotomayor, authors Caroline Kennedy and George R.R. Martin ("Game of Thrones"), singer/songwriters Colbie Caillat and Ben Harper, and a slew of classic Broadway musicals. The theater has been in continuous operation for almost nine decades through reinvention, and in its latest form, the Lochtefelds are anticipating the Fox will reach its 100-year milestone.
"This financing opportunity is unique because the theater is such an important landmark on the Peninsula," said Niki Wong, SVP of Commercial/SBA for Tech CU. "As a local lender, we appreciate being involved in supporting the preservation of an historic property, while also seeing the business opportunity Eric and Lori envision for the future."
"Tech CU's lending team structured the refinancing of this property to the benefit of our business model and investment strategy," said Eric Lochtefeld. "They were also flexible and efficient in dealing with the paperwork and getting the loan funded -- something we greatly appreciate."
Tech CU's commercial real estate loans can be used for real estate acquisition and refinancing, including: owner-occupied and investor-owned office, mixed-used properties, warehouse, light industrial, retail and multi-family properties. For more information, visit www.techcu.com/commercial or contact Tech CU 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 and today has 70,000 individual, non-profit and business members and more than $1.7 billion in assets. The financial institution is recognized as one of the best managed and strongest in the country, as indicated by Tech CU's 5-star rating from Bauer Financial, the nation's largest independent rating service for banks and credit unions. Tech CU's members have access to 65,000+ surcharge-free ATMs nationwide, online and mobile banking, 10 full-service branches throughout the Bay Area, and comprehensive mortgage, wealth management and commercial banking services.