Bank OZK, Affinius Provide $120M Construction Loan for San Jose Industrial Park
Edenvale Business Park will feature three buildings and span 636,000 square feet upon completion in 2025
By Brian Pascus July 22, 2024 12:27 pm
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Hines has secured $120.3 million in construction financing to build Edenvale Business Park, a 636,000 square foot industrial park in San Jose, Calif., Commercial Observer has learned.
Bank OZK provided the senior portion of the loan, while Affinius Capital originated the subordinate portion. JLL’s Kevin MacKenzie and Chris Gandy arranged the financing.
Affinius Capital managing director Eric Cohen spoke to his firm’s long relationship with client Hines, and noted the current supply constraints in a Silicon Valley submarket that’s seen a dearth of new industrial product come online in recent months.
“The property can service both warehouse and advanced manufacturing tenants and is strategically positioned to provide convenient access to Silicon Valley and the greater San Francisco Bay Area,” said Cohen in a statement.
Located at 550-650 Piercy Road and sitting adjacent to Highway 101, Edenvale Business Park is presently the largest industrial project being developed in Silicon Valley. The land spans 45 acres and was acquired by Hines through two off-market transactions in 2021 and 2022. The new complex will eventually feature three industrial buildings with office space and is expected to be delivered in the third quarter of 2025.
Hines did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
