San Jose’s Tallest High-Rise Lands $345M

JLL Capital Markets arranged the financing for the 630-unit property.

Miro. Image courtesy of JLL Capital Markets

Bayview Development Group has landed $345 million to refinance Miro, a 630-unit, high-rise community in downtown San Jose, Calif. The company previously secured a $288 million construction loan from Goldman Sachs back in 2017, Yardi Matrix data shows. Working on behalf of the borrower, JLL Capital Markets arranged the loan through Pacific Life.

Completed in 2020 as San Jose’s tallest buildings, Miro I and Miro II are two 28-story towers with ground-floor retail and a mix of studio, one- and two-bedroom floorplans averaging 933 square feet. Penthouse units, ranging from 1,203 to 1,412 square feet, are also included. All units have floor-to-ceiling windows, Italian cabinetry and balconies. Community amenities feature a fitness deck, a swimming pool, a private art gallery and sky lounges.

Located at 181 E. Santa Clara St., the 1.4-acre property is within walking distance of St. James Park and numerous retail and dining options. The community is also within 2 miles of Interstate 280, offering convenient access to San Francisco and the Bay Area.

JLL Senior Managing Director Charles Halladay, Senior Director Brandon Roth, Director Lillian Roos, Associate Spencer Bergthold and Analyst Elijah Lax led the Capital Markets Debt Advisory team representing Bayview. Halladay was also instrumental in providing Laguna Point Properties with $328.8 million in acquisition financing for a five-property portfolio.

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