SAN JOSE, Calif. – JLL Capital Markets experts have secured a $68.7 million bridge loan to finance Tasman@North 1st, a 317,612-square-foot office/R&D campus in North San Jose’s Golden Triangle. The loan was secured from Deutsche Bank on behalf of San Francisco-based DivcoWest, which is in the process of repositioning the property for new tenancy.
Managing Directors John Manning and Alex Witt, as well as Vice President Sarah Bernhisel of JLL secured the financing for the borrower.
DivcoWest purchased Tasman@North 1st earlier this year from a corporate user and, once renovated, the campus is likely to appeal to a broad range of tenants seeking well-located, transit-oriented space in Silicon Valley. Built in 1997, the campus consists of three low-rise buildings with large, highly efficient office floorplates and lab/R&D space with above-market power capacity.
Tasman@North 1st is situated adjacent to a Santa Clara Valley Transportation Authority light rail station, is close to Mineta International Airport and is a 12-minute journey from downtown San Jose. It has easy access to Caltrain and will have future access to BART. The property is close to on ramps to Route 237, Interstate 880 and US 101.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.