HFF Announces $288.8MM Construction Loan for Luxury Apartment Development in San Jose

Holliday Fenoglio Fowler, MIRO, San Jose, Bayview Development Group, Broad Street Real Estate Credit Partners III, Goldman Sachs Merchant Banking Division

SAN FRANCISCO – Holliday Fenoglio Fowler, L.P. (HFF) announces the $288.8 million construction financing for MIRO, a pair of 28-story luxury apartment towers comprising more than 600 residences and 20,000 square feet of retail and commercial space in San Jose, California.

The HFF team worked on behalf of the borrower, Bayview Development Group, to secure the five-year, interest-only construction loan through Broad Street Real Estate Credit Partners III (BSRECP III), a fund managed by the Goldman Sachs Merchant Banking Division.

Due for completion in 2020, MIRO will have a mix of one-, two- and three-bedroom layouts, including 16 penthouses. Residences will have access to over 50,000 square feet of thoughtfully curated top-of-the-line amenities, including a rooftop pool, concierge services, fitness, spa facilities, pet facilities, fire pits and rooftop lounges boasting unparalleled views of the city’s skyline. The property’s location at 167 E Santa Clara Street in downtown San Jose has a Walk Score® of 96 and is within steps of the future downtown San Jose BART station.

The HFF debt placement team representing the borrower included senior managing director Charles Halladay, director Brandon Roth, and analyst Jason Carlos.

“There was a tremendous amount of enthusiasm from the lending community for this project, which is a testament not only to Bayview Development’s best-in-class team, but also to downtown San Jose’s bright future as one of the top real estate markets in Silicon Valley,” said Roth. “BSRECP III immediately recognized these traits and performed exceptionally-well throughout the process.”

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

About Bayview Development Group
Bayview Development Group, headquartered in San Jose, CA, is a privately held real estate development and investment firm focused on developing high-density, mixed-use projects in Northern California.

About The Merchant Banking Division of Goldman Sachs Group, Inc.
Founded in 1869, the Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for Goldman Sachs’ long-term principal investing activity. With nine offices across seven countries, the Merchant Banking Division of Goldman Sachs is one of the leading private equity investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Established in 1991, the Real Estate Principal Investment Area within MBD has invested in real estate and real estate related assets totaling approximately $53 billion in equity across more than 800 investments located in 35 countries. Investments include office, retail, industrial, hospitality, residential, acquiring real estate companies, real estate projects, loan portfolios, debt recapitalizations and direct property.

About HFF
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

West Coast Commercial Real Estate News