Tech CU (Technology Credit Union) announced it has provided a $4.675 million USDA business loan to Oceanic Enterprises, a private property management firm based in San Diego, California. The loan helped Oceanic Enterprises purchase The Ascot Suites, a 32-room boutique hotel located at 260 Morro Bay Boulevard in Morro Bay, California.
“We are thrilled to work with Oceanic Enterprises on this loan,” said Joe Anzalone, Chief Commercial Banking Officer at Tech CU. “The owner is a smart, savvy and highly experienced hotelier who had a strong vision and strategy for what The Ascot Suites could be, as well as the skillset to implement that plan effectively. Furthermore, our commercial bankers are experienced with the various government guaranteed lending programs available and determined the USDA program would be ideal to meet the needs of our borrower.”
“I believe that every hotel deserves to reach its full potential,” said Manoj Chawla, the president and founder of Oceanic Enterprises. “I am excited to bring out the potential in The Ascot Suites. We chose to work with Tech CU because they immediately understood our vision for the property, and I had a previous experience with them (they financed a hospitality property I was selling for another client) and liked their service.”