SAN JOSE, Calif. Technology CU this week announced it has closed a $3-million member business loan for residential construction to venture fund Menlo Capital.
The credit union provided the loan to an entity owned by private investment firm Menlo Capital Group to fund the construction of a four-unit townhouse development on College Avenue in Menlo Park.
“We worked with Tech CU on a complementary piece of business last year and were impressed with their service and the way they structured our deal,” said Menlo Capital Group Principal Sunil Suri. “They were flexible and expedient which are both key to us being able to move forward on projects. When it came time to finance the Menlo Park townhouse units, it just made sense to work with their team again.”
“This opportunity shows how Tech CU is becoming more active in the Bay Area’s real estate market for commercial and residential construction, especially infill development projects such as this one,” said Robert Sherrard, Tech CU’s senior vice president of commercial real estate.
Tech CU said its real estate loans can be used for real estate acquisition, refinancing and construction, including: owner-occupied and investor-owned commercial properties, mixed-used properties, warehouse, light industrial, retail, residential and multi-family properties.
