Bayview Development Group secured $345 million in refinancing for Miroa 630-unit Class A multi-family community in downtown San Jose, Calif., Commercial Observer has learned. Pacific life provided the loan.
JLL Capital Markets arranged the financing with a debt advisory team led by Charles Halladay, Brandon Roth, Lillian Roos, Spencer Bergthold and Elijah Lax.
Located at 181 East Santa Clara Street, the 28-story, twin-tower Miro features studio, one-bedroom, and two-bedroom units averaging 933 square feet. Community amenities include nearly an acre of outdoor space, a fitness pool and deck, two rooftop lounges, and a private art gallery. The ground floor of San Jose’s tallest building includes a Starbucks and will soon include a full-service Italian restaurant and bar by Vine Hospitality, according to a statement.
In a prepared statement, Bayview Development Group commended the JLL team for executing the construction loan under difficult circumstances due to the pioneering nature of the project and the current volatility in the capital markets.
“There was incredible enthusiasm from lenders for this property, and Pacific Life was willing to provide long-term fixed rate financing while Miro is still leased,” said JLL’s Roth. “In turbulent times, there is always a flight to quality, and Miro is the highest quality apartment community ever built in San Jose.”
Pacific Life officials did not immediately respond to a request for comment.
Emily Fu can be reached at [email protected].