Pier 39 Lenders
Posted by: 
brwhiz
N 37° 48.629 W 122° 24.623
10S E 551899 N 4184951
This Historical Marker is one of a group mounted on the walls of a hallway at the upper level meeting rooms of Pier 39 on the San Francisco Embarcadero.
Waymark Code: WMJG80
Location: California, United States
Date Posted: 11/14/2013
Views: 6
Pier 39 Lenders.
Crocker Bank and Teachers Insurance Company. What do they have to do with the Pier 39 Story? There is one almost universal way to describe their contribution--$$$$$$$$
Crocker Bank, the construction lender, had the foresight to see what this previously run-down waterfront area could be developed to be and they had the courage to back their foresight up with $27 million big ones.
9 3/8% Loan in '80?
Teachers Insurance Company, the permanent lender, gave new meaning to the bank term "commitment." In 1977, when the prime lending rate was 7%, Teachers Insurance Company made a commitment to Simmons to provide financing at 9 3/8%. After all the legal problems were settled between Pier 39 and San Francisco, and after a number of Teachers Insurance extensions, it was finally time to close and fund the permanent financing.
Unfortunately, it was now 1980 and the prime rate had jumped to 18%. Yet Teachers Insurance, sticking with their original commitment despite justifiable reasons "to walk" from that commitment funded the loan at 9 3/8%.
After Teachers funded the loan, we placed the above ad in a leading mortgage magazine hoping the story of Teachers' unbelievable loyalty would spread throughout the industry.