.

Fox Theatre Gets $4.5 Million Loan for Improvements

The downtown theater, built in 1929, is listed on the National Register of Historic Places.

Fox Theatre   Photo: Joan Dentler
Fox Theatre Photo: Joan Dentler

[Editor's Note: The following information was received by Patch from Technology Credit Union, and is reprinted here.]

Technology Credit Union has funded a $4.5 million commercial loan for the historic Fox Theatre building in downtown Redwood City. As the credit union continues to grow and diversify its real estate loan portfolio, Tech CU is focusing on lending to owners and developers of commercial real estate throughout the Bay Area and its adjacent counties. This most recent loan was provided to Fox Theatre owners Eric and Lori Lochtefeld, who purchased the property out of foreclosure in 2010 with plans to renovate and bring it back to life by turning the theatre into a mixed-use property with 6,000 square feet of retail, 10,000 square feet of office, and 20,000 square feet of theater space for live performances and private events.

The Fox Theatre is listed on the National Register of Historic Places. It opened in 1929 under the name, “The New Sequoia Theater” as a place to show motion pictures and, in 1950, was renovated and reopened as a live performance venue. Throughout its 85-year history, the theater has remained an iconic spot in the Bay Area, having recently hosted such key figures as President Barack Obama, Supreme Court Justice Sonia Sotomayor, authors Caroline Kennedy and George R.R. Martin (“Game of Thrones”), singer/songwriters Colbie Caillat and Ben Harper, and a slew of classic Broadway musicals. The theater has been in continuous operation for almost nine decades through reinvention, and in its latest form, the Lochtefelds are anticipating the Fox will reach its 100-year milestone.

“This financing opportunity is unique because the theater is such an important landmark on the Peninsula,” said Niki Wong, SVP of Commercial/SBA for Tech CU. “As a local lender, we appreciate being involved in supporting the preservation of an historic property, while also seeing the business opportunity Eric and Lori envision for the future.”

“Tech CU’s lending team structured the refinancing of this property to the benefit of our business model and investment strategy,” said Eric Lochtefeld. “They were also flexible and efficient in dealing with the paperwork and getting the loan funded — something we greatly appreciate.”

Tech CU’s commercial real estate loans can be used for real estate acquisition and refinancing, including: owner-occupied and investor-owned office, mixed-used properties, warehouse, light industrial, retail and multi-family properties.  For more information, visit www.techcu.com/commercial or contact Tech CU at 800.448.1467.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.
Reality Check January 29, 2014 at 01:51 PM
So what, exactly, will the $4.5m Fox Theater loan pay for?
Lori Lochtefeld January 29, 2014 at 06:22 PM
The Fox refinanced its substantial mortgage. The money is not for improvements as the title of this article implies. It should have been: The Fox gets refinanced by Tech CU.
crumpley January 29, 2014 at 09:07 PM
Thanks for clarifying, Lori. The article describes how you and Eric "purchased the property out of foreclosure in 2010 with plans to renovate and bring it back to life". Does your statement mean that the property is now under a serviceable mortgage, but no improvements should be expected? For the record: I LOVE the Fox Theater, and the "Little Fox". I've performed there, and I really hope this venue continues to thrive. It is a rare gem on the peninsula.
Cheryl January 29, 2014 at 09:13 PM
It is not good assume something and then write about it, get the facts. Thank you Lori for clarifying it. I too love the Fox grew up in RWC and loved going there, still do.
Jim Clifford February 04, 2014 at 10:42 AM
Article says present Fox opened in 1929 under the name, “The New Sequoia Theater." It did not open as "The New Sequoia Theater." It was just the Sequoia. There was an old Sequoia and people called the new one the new Sequoia to differentiate but it was simply the Sequoia. What a difference a capital letter makes. I know it seems trivial, but this keeps popping up - even in stories that have a photo of opening night. The marquee clearly says Sequoia. I think repeating mistakes will get easier in the computer age. Once made, it's hard to correct them.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »