SAN JOSE—The demand for Bay Area multifamily is showing no signs of waning. At the bullseye of this demand is Silicon Valley, which struggles to house its ever-growing tech workforce.
MIRO, a pair of 28-story luxury apartment towers comprising more than 600 residences, is hoped to lessen the load ever so slightly. The project is due for completion in 2020 and will also include 20,000 square feet of retail and commercial space.
A $288.8 million construction loan was recently obtained for the project. The Holliday Fenoglio Fowler LP team worked on behalf of the borrower, Bayview Development Group, to secure the five-year interest-only construction loan through Broad Street Real Estate Credit Partners III, a fund managed by the Goldman Sachs Merchant Banking Division. The HFF debt placement team included senior managing director Charles Halladay, director Brandon Roth and analyst Jason Carlos.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
