Pacific Life Refis Multifamily High-Rise in California With $345M Loan
Bayview Development Group has secured $345 million from Pacific Life to refinance Miro, a 630-unit, high-rise multifamily rental in downtown San Jose, Calif., Commercial Observer has learned.
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 two-tower, 28-story Miro, which boasts that it is the tallest in San Jose, features studio, one-bedroom and two-bedroom units averaging 933 square feet and an extensive suite of amenities, including a pool, a fitness deck, an art gallery and two rooftop sky lounges. In addition to a Starbucks, the building is also getting an Italian restaurant 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 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.
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