San Jose, Calif.-based Technology Credit Union on Wednesday said it is providing a $23 million construction loan to W.L. Butler, Inc., to fund the development of a 60-unit apartment building overlooking Central Park in nearby San Mateo.
“We are thrilled to be able offer this financing for this well-conceived apartment project,” Joe Anzalone, chief commercial banking officer for $2.4 billion Tech CU, said in a statement. “I have had the pleasure of providing financing on numerous development projects to the principals of the W.L. Butler organization over many years, and I am confident Tech CU will be able to assist the company on what will be another successful project.
“Furthermore, this project represents the development of ‘workforce’ housing units that our region desperately needs to counter the effects of the affordable housing crisis in the Bay Area,” Anzalone added.
Located on 9th Avenue in San Mateo, the apartment project will feature a 75,525-square-foot apartment building featuring 60 units, with 10 percent being below market rate (BMR) units. The building will be a mix of 1-bedroom, 1-bedroom with a study, and 2-bedroom, 2-bath apartment units. Some units will have balconies and others will have enclosed patios.
“San Mateo is a rapidly growing community in the heart of Silicon Valley,” said Gina Henson, CFO at W. L. Butler, Inc. “We are excited to be a part of contributing new housing in San Mateo’s Central Park area, so more people can live and work in an area that is walkable and convenient to downtown.”
Tech CU serves more than 95,000 members throughout the San Francisco Bay Area, including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. It was founded in 1960 by employees of Fairchild Semiconductor.