$33.28M financing arranged for San Jose mixed-use acquisition

SAN FRANCISCO, Calif., August 17, 2020 – JLL Capital Markets announced today that it has arranged $33.28 million in acquisition financing for Stevens Creek Executive Park, a five-building, multi-tenant, mixed-use asset totaling 165,500 square feet of office and retail space with additional entitlements in San Jose, California.

JLL worked on behalf of the borrower, a joint venture of Miramar Capital and Machine Investment Group, to place the three-year, interest-only loan with California Bank and Trust.

Stevens Creek Executive Park currently includes approximately 137,500 square feet of office and 28,000 square feet of retail space. The property is situated on 9.24 acres at 4300-4400 Stevens Creek Blvd. in a transit-oriented Silicon Valley location that is exposed to more than 100,000 vehicles per day. Stevens Creek Executive Park is also entitled for a major redevelopment that would include 582 residential units, additional office space and 10,000 square feet of retail.

The San Francisco JLL Capital Markets Debt Placement team representing the borrower was led by Alex Witt, Brandon Roth and Spencer Bergthold.

“Despite the market uncertainty caused by Covid-19, California Bank and Trust delivered accretive financing for the acquisition,” Witt said. “This speaks to the quality of the sponsor’s reputation and business plan that they successfully obtained non-recourse bank financing at a time of limited liquidity for like kind assets.”

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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