SAN JOSE — Tech CU (Technology Credit Union) is providing a $20.5 million construction loan to real estate developer Cypress Group. The 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 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. 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 serves more than 100,000 members throughout the San Francisco Bay Area — including employees of Tesla, eBay, Applied Materials, Nvidia and Facebook.