Funds will be used to complete the 640-unit luxury condominium project in San Jose, California
SAN FRANCISCO, October 22, 2019 – JLL announced today that it has arranged $330 million in financing for the development of 188 West St. James, a two-tower, 640-unit luxury condominium project located in downtown San Jose, California.
JLL worked on behalf of the borrower, Z&L Properties, Inc., to place the five-year, floating-rate construction loan with Mack Real Estate Credit Strategies.
188 West St. James is currently under construction on a 1.94-acre site in the epicenter of the rapidly growing downtown San Jose submarket. Due for completion in 2020, the project is within a 15-minute drive of more than 10 million square feet of commercial space in development, which positions the project for continued demand. The amenity-rich neighborhood and nearby transit access will provide a true live-work-play experience for residents.
188 West St. James consists of 20- and 22-story towers encompassing nearly 629,000 square feet of residential space, approximately 30,000 square feet of ground-floor retail and more than 650 parking stalls. Units will include kitchens equipped with stainless steel Bosch appliance packages, custom quartz countertops and white oak cabinetry. Bathrooms will have custom floating vanities and porcelain tile flooring, and units will have hardwood flooring throughout the main living areas. Community amenities include an outdoor pool, spa, grilling area, fitness center, business conference center, pet wash and clubroom with catering kitchen.
The JLL Capital Markets team representing the borrower was led by Brandon Roth, Charles Halladay and Taylor Gimian.
“188 West St. James benefits from one of the best locations in downtown San Jose,” Roth said. “The property is adjacent to San Pedro Square, as well as countless restaurants, coffee shops and bars. Residents will also enjoy being a quick 10-minute walk from SAP Center, which hosts 150 events every year.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA Real Estate License No. 01223413.
About Z&L Properties, Inc.
Z&L Properties, Inc. is a California-based real estate development and management company that specializes in high-rise mixed-use developments. Z&L has an impressive portfolio of high-rise condo projects in California’s most preeminent cities, including San Francisco, Los Angeles and San Jose. Headquartered in Foster City, California, the company includes a team of engineers, planners, architects, lawyers, accountants and marketing professionals who work on all phases of development, from acquisition to close. http://zlproperties.com/
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.