Pacific Life Refis Multifamily High-Rise in California With $345M Loan

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Bayview Development Group has secured $345 million refinancing for Miro, a Class A, 630-unit, high-rise multifamily 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.

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Located at 181 E Santa Clara Street, the two-tower, 28-story Miro features studio, one-bedroom and two-bedroom units averaging 933 square feet. 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 will soon include a full-service Italian restaurant and bar by Vine Hospitality, according to a release. 

In a prepared statement, Bayview Development Group praised the JLL team for executing the construction loan under challenging circumstances due to the pioneering nature of the project and the current financial markets’ volatility.

“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 JLL’s Roth. “In turbulent times, there’s always a flight to quality, and Miro is the highest-quality apartment community ever built in San Jose.”

Officials at Pacific Life did not immediately respond to a request for comment.

Emily Fu can be reached at efu@commercialobserver.com.