Downtown San Jose High Rise Secures $345M Refinancing
JLL Capital Markets has arranged $345 million refinancing for Miro, a Class A, two-tower, 630-unit high rise multifamily community in downtown San Jose, CA. The JLL Debt Advisory team of Charles Halladay, Brandon Roth, Lillian Roos, Spencer Bergthold and Elijah Lax represented the borrower, Bayview Development Group, securing the loan through Pacific Life.
“There was an incredible amount of enthusiasm from lenders for this property, and Pacific Life was willing to provide long-term, fixed-rate financing while Miro is still in lease-up. In turbulent times, there’s always a flight to quality, and Miro is the highest quality apartment community ever built in San Jose,” said Roth in a news release.
The 28-story development features studio, one- and two-bedroom units averaging 933 square feet. Community amenities include ample outdoor space, a pool and fitness deck, two rooftop lounges, and a ground-floor Starbucks and Italian restaurant.
“The JLL team executed on a challenging construction loan and this more recent permanent financing. We received a great pairing with Pacific Life, and are excited to embark on this new relationship,” said a Bayview Development Group spokesperson.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.