$33.28M financing arranged for San Jose mixed-use acquisition
JLL Capital Markets secured the financing on behalf of Miramar Capital/Machine Investment Group JV
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.
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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Miramar Capital
Miramar Capital is a real estate investment platform committed to providing best-in-class real estate investment services with an acute focus on execution, integrity and transparency.
About Machine Investment Group
Machine Investment Group is a real estate investment platform focused on opportunistic, distressed and special situations across the United States. Founded by former senior executives from Garrison Investment Group, Andy Kwon and Eric Rosenthal, Machine invests primarily in the middle market, where its reputation as a reliable counterparty, solutions-oriented approach and extensive lender relationships distinguishes the firm from the competition. Machine’s strict risk discipline, institutional operating processes and well-developed sourcing network has been cycle-tested and is designed to deliver consistent, opportunistic returns while minimizing losses.