Bayview Development has received $345 million in refinancing for the Miro, a 28-story, Class A multifamily development, known as San Jose’s tallest building. JLL secured the long-term, fixed-rate financing through Pacific Life.
The note replaces the $288.8 million, five-year, interest-only construction loan Bayview received in 2017 through Broad Street Real Estate Credit Partners III, a fund managed by Goldman Sachs.
Bayview broke ground on the two-tower development in 2017 and topped out in 2020 as the tallest building in the city. Miro is currently in the lease-up phase, according to Brandon Roth, senior director at JLL. Located at 167 E. Santa Clara St., the property is in downtown San Jose, right across from City Hall.
Flight-to-Quality Drives Multifamily Capital Markets
The refinance of this core asset comes alongside a wider trend toward high-quality, centrally located properties. These investment and finance trends has thus far proven resilient in the face of economic uncertainties. The new loan also points to confidence in this landmark project and the city’s urban core, Mercury News highlighted.
Designed by Steinberg Hart and constructed by Suffolk Construction, the 360-unit property encompasses a mix of studio, one-, and two-bedroom units, averaging 933 square feet. The community features nearly 1 acre of outdoor space, a pool and fitness deck, two rooftop lounges, and a private art gallery. Miro also includes around 20,000 square feet of ground-floor retail space, occupied by Starbucks and an Italian restaurant.