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SAN JOSE — Miro, a two-tower housing complex in downtown San Jose, has landed a big financing package that points to confidence in the landmark project as well as the city’s urban core.

The residential highrises, located on East Santa Clara Street between North Fourth Street and North Fifth Street across from San Jose City Hall, have received a long-term refinance loan of $345 million, according to JLL, a commercial real estate firm that arranged the transaction.

Bayview Development Group is the principal developer of the 28-story project, which consists of a pair of towers with a combined total of 630 units. The mixed-use development also features ground-floor retail consisting of an Italian restaurant and a Starbucks coffee shop.

Pacific Life Insurance Co., based in the Orange County city of Newport Beach, provided the $345 million in permanent financing that also paid off a construction loan on the project.

“Our new lender sees the potential in downtown San Jose,” said Ted McMahon, chief investment officer with San Jose-based Bayview Development.

Pacific Life also saw plenty of potential with the new project that the lender has just financed. The refinancing package was arranged through JLL Capital Markets executives 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,” Roth said.

Miro was able to land the financing despite economic uncertainties such as a brutal bout of inflation and skyrocketing prices, along with fast-rising interest rates.

“In turbulent times, there’s always a flight to quality,” Roth said. “Miro is the highest quality apartment community ever built in San Jose.”

The development that’s blossoming in downtown San Jose is somewhat impeded by a sluggish recuperation from coronavirus spawned-economic woes, however.

Despite these uncertainties and obstacles, several players are preparing or have launched an array of projects in the area.

“There’s a lot of great stuff going on in downtown San Jose,” McMahon said. “A lot of good things are coming.”

Among the projects that are underway or in the works in downtown San Jose:

— Google is edging closer to starting Downtown West near the Diridon train station, a mixed-use neighborhood where the search giant may employ up to 25,000 people.

— Adobe is completing a new office tower to enable the tech titan to greatly expand its downtown headquarters.

— Jay Paul Co. is completing an office highrise at 200 Park Ave.

— An alliance of developers Westbank and the Gary Dillabough- and Jeff Arrillaga-led Urban Community is planning several projects, including a green office tower at 180 S. Market St. where people will be able to work in a garden.

— Urban Catalyst is pushing ahead with several projects, including a revamp of an old movie theater.

Related Articles Housing | Oakland tries again for housing on controversial Lake Merritt site Housing | Before the East Bay’s last roller rink closes this month, the skating community says goodbye Housing | Hundreds of affordable homes could sprout at San Jose retail site Housing | Several downtown San Jose projects advance with openings, construction starts Housing | Castle-like Berkeley apartments are bought for more than $100 million Plus, the corner of North Fourth Street and East Santa Clara Street could see the addition of a residential tower and office tower that are the components of a new Urban Catalyst development called Icon/Echo; and a Bayview Development mixed-use office and retail project at East Santa Clara and South Fourth Street called Suzaco. These new projects could help bolster Miro.

Miro itself offers amenities that could be a magnet for current and future residents. The amenities in the two towers include nearly an acre of outdoor space, a pool and fitness deck, two rooftop sky lounges and a private art gallery, according to Bayview Development.

“The Bayview team is excited to see what’s on the horizon for downtown San Jose as well as the fun changes in store for our particular corner of downtown,” McMahon said. “It bodes well for residents at Miro.”

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