SAN JOSE — Tech CU (Technology Credit Union) is providing a $3 million commercial real estate loan for 380 First St. in San Jose to property developers and real estate investors Tom Tognoli and John Thompson. The duo are the founders and previous owners of Intero Real Estate Services, Inc., a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc. The loan will assist in funding the purchase of a commercial property in downtown San Jose, as well as provide for minor tenant improvement work and miscellaneous expenditures.
“Tom and John have a strong track record of real estate investment success and we are thrilled to be working with them on the 380 N. First Street acquisition,” said Robert Sherrard, Senior Vice President and Manager, Real Estate at Tech CU. “Our mission is to have a positive impact on Bay Area communities and we look forward to continuing this relationship while further strengthening our local economy.”
Located at 380 N. First Street, the subject property is a 12,000 square foot, Class B office building located on a half-acre corner lot. The building is in an ideal downtown San Jose setting – perfect for commuters due to its close driving proximity to U.S. Route 101, Interstates 280 and 880, and California State Route 87. The future occupants of the building will also be within walking distance of W. Santa Clara Street’s numerous restaurants. Thompson and Tognoli’s long-term vision for the property includes developing a much needed mixed-use building hosting commercial office space, retail and condominiums.
A Bay Area credit union leader, Tech CU offers a broad range of commercial real estate lending solutions which enable real estate developers, investors and business owners to acquire, construct and improve their commercial and industrial properties. Tech CU’s experienced team of commercial bankers have extensive knowledge and skill in providing customized lending solutions to meet the borrower’s unique financing needs.
“Tech CU provided us with more flexibility and ease of use compared to the larger, regional financial institutions we’ve used in the past,” said Tognoli. “We appreciated Tech CU’s open-mindedness and involvement from everyone within the organization to secure our loan. It’s a great relationship for our group and we look forward to potentially using Tech CU on other projects.”
“San Jose is in the heart of Silicon Valley and is one of the most in-demand locations for commercial real-estate in the entire Bay Area,” said Thompson. “Downtown San Jose has become a mecca for businesses and 380 N. First Street’s central location couldn’t be better. With this investment, we’re looking forward to continuing to fuel San Jose’s economy and further bolster an already thriving neighborhood.”