SAN FRANCISCO, July 12, 2022 - JLL Capital Markets announced today that it has arranged the $345 million refinancing for Miro, a Class A, two-tower, 630-unit, high-rise multi-housing community located in downtown San Jose, California.

JLL represented the borrower, Bayview Development Group, to secure financing through Pacific Life.

The bold and modern designed two-tower 28-story Miro features studio-, one- and two-bedroom units averaging 933 square feet with floor-to-ceiling windows, contemporary Italian cabinetry and gracious balconies. Differentiating community amenities include nearly an acre of outdoor space, a pool and fitness deck, two rooftop sky lounges and a private art gallery. The ground floor of the tallest building in San Jose features a Starbucks and future full-service Italian restaurant and bar by Vine Hospitality.

According to Bayview Development Group, "This exceptional JLL team executed on both a challenging construction loan due to the pioneering nature of this project and this more recent permanent financing, in an unusually volatile market. We received a great pairing with Pacific Life, and we're excited to embark on this new relationship."

The JLL Capital Markets Debt Advisory team representing the borrower was led by Charles Halladay, Brandon Roth, Lillian Roos, Spencer Bergthold and Elijah Lax.

"There was an incredible amount of enthusiasm from lenders for this property, and Pacific Life was willing to provide long-term, fixed-rate financing while Miro is still in lease-up," said Roth. "In turbulent times, there's always a flight to quality, and Miro is the highest quality apartment community ever built in San Jose."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Inc. published this content on 12 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 14:53:06 UTC.