HFF Secures $289M Loan for CA Luxury Community

The company secured a five-year, interest-only construction financing for MIRO, a pair of 28-story San Jose luxury apartment towers comprising more than 600 units.
MIRO, 167 E Santa Clara St. in San Jose, Calif.
Rendering of MIRO, 167 E Santa Clara St. in San Jose, Calif.

HFF closed a $288.8 million construction loan for MIRO, two 28-story luxury assets. Bayview Development Group was the borrower.

Located at 167 E Santa Clara St., MIRO will feature one-, two- and three-bedroom apartments and 16 penthouses. With more than 600 units, the communities comprise 20,000 square feet of retail and commercial space. More than 50,000 square feet of amenities space will include a rooftop pool, concierge services, fitness, spa facilities, pet facilities, fire pits and rooftop lounges.

Senior Managing Director Charles Halladay, Director Brandon Roth and Jason Carlos led the HFF team in arranging this five-year, interest-only construction loan through Broad Street Real Estate Credit Partners III, a fund managed by Goldman Sachs’ Merchant Banking Division.

“This project 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,” said Roth in prepared remarks. “BSRECP III immediately recognized these traits and performed exceptionally-well throughout the process.”

Image courtesy of Steinberg