$345M refinancing secured for a downtown San Jose, Class A multi-housing high-rise
JLL Capital Markets completed the refinancing for the 630-unit Miro Apartments located in downtown San Jose, CA
SAN FRANCISCO, July 12, 2022 – JLL Capital Markets announced today that it has arranged the $345 million refinancing for Miro, a Class A, two-tower, 630-unit, high-rise multi-housing community located in downtown San Jose, California.
JLL represented the borrower, Bayview Development Group, to secure financing through Pacific Life.
The bold and modern designed two-tower 28-story Miro features studio-, one- and two-bedroom units averaging 933 square feet with floor-to-ceiling windows, contemporary Italian cabinetry and gracious balconies. Differentiating community amenities include nearly an acre of outdoor space, a pool and fitness deck, two rooftop sky lounges and a private art gallery. The ground floor of the tallest building in San Jose features a Starbucks and future full-service Italian restaurant and bar by Vine Hospitality.
According to Bayview Development Group, “This exceptional JLL team executed on both a challenging construction loan due to the pioneering nature of this project and this more recent permanent financing, in an unusually volatile market. We received a great pairing with Pacific Life, and we’re excited to embark on this new relationship.”
The JLL Capital Markets Debt Advisory team representing the borrower was led by Charles Halladay, Brandon Roth, Lillian Roos, Spencer Bergthold and Elijah Lax.
“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,” said Roth. “In turbulent times, there’s always a flight to quality, and Miro is the highest quality apartment community ever built in San Jose.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bayview Development Group
Bayview Development Group is a privately held real estate development and investment firm focused on developing high-density, mixed-use projects in Northern California. Our commitment to quality, both in the projects we develop and the partners we choose, creates long-term economic benefit for the communities we are proud to be part of. Visit bayviewdevelopmentgroup.com to learn more.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life has a demonstrated track record in providing debt and equity capital for the acquisition and development of select real estate properties. For more information on Pacific Life Real Estate Investments please visit: https://paclife.co/realestateinvestment.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2022 is compiled by Pacific Life using the 2022 FORTUNE 500® list.