17 November 2017
San Jose, California
Reporter: Theo Andrew

HFF delivers $288.8 million loan for resi project

HFF has secured $288.8 million of construction financing for two luxury residential towers in San Jose, California.

The loan was secured on behalf of the Bayview Development Group, and was delivered by Broad Street Real Estate Credit Partners III, a fund managed by the Goldman Sachs Merchant Banking Division.

The project, named Miro, will comprise of two 28-storey towers, with a total of 600 units and 20,000 square feet of retail and commercial space.

Located in downtown San Jose, the assets are due for completion in 2020 and will be a mix of one-, two- and three-bedroom layouts.

Brandon Roth, director at HFF, said: “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.”

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