Tech CU Funds Luxury San Jose Development
Cypress Group received $20.5 million in financing for the construction of the apartment building located in the Willow Glen neighborhood.
Technology Credit Union has provided a $20.5 million loan to Cypress Group for the development of a 55-unit luxury community in San Jose, Calif. The project broke ground in May 2018 and is slated for completion by October 2019.
“Tech CU wants to actively assist in solving the significant housing shortage facing the Bay Area,” said Joe Anzalone, chief commercial banking officer at Tech CU, in a prepared statement.
Located at 1785 Almaden Road, the new community will be situated near downtown Willow Glen, just off Freeway 87, near Interstate 280 and Freeway 85. The development is approximately 3 miles from downtown San Jose and is positioned within 1 mile of River Glen Park. Additionally, the area is surrounded by many schools, including Galarza Elementary School and Cielo Montessori. The four-story building is set to comprise 54 two- and one one-bedroom unit, at around 1,100 square feet. Communal-area amenities will include:
- barbecue and fireplace
- lounge with kitchen
- TV and game table
- fitness center
- dog park
- package/mail delivery center
- access-controlled bike storage
- maintenance room
- landscaping and water feature
- green building features
“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, in prepared remarks.
Rendering courtesy of Tech CU