$345MM Refinancing Secured for 630-Unit Downtown San Jose Multifamily High-Rise

San Francisco, San Jose, JLL, Miro, Bayview Development Group, Pacific Life

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 team here at Bayview is excited to bring this project to fruition and move forward with looking at new opportunities in Downtown San Jose. We believe the fundamentals for Downtown remain very robust and we are continuing to develop new opportunities,” said Ted McMahon, Bayview Development Group’s chief financial officer in a statement.

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.

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.

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