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Housing towers in Downtown San Jose land huge financing package
Deal points to confidence in towers and downtown San Jose amid Google expansion



By GEORGE AVALOS | gavalos@bayareanewsgroup.com | Bay Area News Group
PUBLISHED: July 13, 2022 at 5:30 a.m.

SAN JOSE — Miro, a two-tower housing complex in downtown San Jose, has landed a big financing package that points to confidence in the landmark project as well as the city’s urban core.

The residential highrises, located on East Santa Clara Street between North Fourth Street and North Fifth Street across from San Jose City Hall, have received a long-term refinance loan of $345 million, according to JLL, a commercial real estate firm that arranged the transaction.

Bayview Development Group is the principal developer of the 28-story project, which consists of a pair of towers with a combined total of 630 units. The mixed-use development also features ground-floor retail consisting of an Italian restaurant and a Starbucks coffee shop.

Pacific Life Insurance Co., based in the Orange County city of Newport Beach, provided the $345 million in permanent financing that also paid off a construction loan on the project.

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The development that’s blossoming in downtown San Jose is somewhat impeded by a sluggish recuperation from coronavirus spawned-economic woes.

Despite these uncertainties and obstacles, several players are preparing or have launched an array of projects.

“There’s a lot of great stuff going on in downtown San Jose,” McMahon said. “A lot of good things are coming.”

Among the projects that are underway or in the works in downtown San Jose:

— Google is edging closer to starting Downtown West near the Diridon train station, a mixed-use neighborhood where the search giant may employ up to 25,000 people.

— Adobe is completing a new office tower to enable the tech titan to greatly expand its downtown headquarters presence.

— Jay Paul Co. is completing an office highrise at 200 Park Ave.

— an alliance of developers Westbank and the Gary Dillabough- and Jeff Arrillaga-led Urban Community is planning several projects including a green office tower at 180 S. Market St. where people will be able to work in a garden.

— Urban Catalyst is pushing ahead with several projects, including a revamp of an old movie theater.

Plus, the corner of North Fourth Street and East Santa Clara Street could see the addition of a residential tower and office tower that are the components of a new Urban Catalyst development called Icon/Echo; and a Bayview Development mixed-use office and retail project at East Santa Clara and South Fourth Street called Suzaco. These new projects could help bolster Miro.

https://www.siliconvalley.com/2022/0...evelop-google/