JLL Secures $117M

JLL, Chicago, secured a $68.7 million bridge loan to finance Tasman@North 1st, a 317,500-square-foot office/R&D campus in north San Jose’s Golden Triangle.

Deutsche Bank provided the loan to DivcoWest, San Francisco. DivcoWest plans to reposition the property for new tenancy.

Managing Directors John Manning and Alex Witt secured the financing. Manning said DivcoWest purchased Tasman@North 1st earlier this year from a corporate user. “Once renovated, the campus is likely to appeal to a broad range of tenants seeking well-located, transit-oriented space in Silicon Valley,” he said.

Built in 1997, the campus includes three low-rise buildings with large office floorplates and lab/R&D space. Tasman@North 1st is next to a Santa Clara Valley Transportation Authority light rail station near Mineta International Airport.

JLL also closed a $48 million permanent loan secured by 169-unit Cyrene luxury apartments in downtown Seattle. Mack Real Estate Group, New York, refinanced the newly opened apartment community at 50 University Street.

JLL Managing Director Ray Allen, Senior Vice President Seth Heikkila and Associate Drew Heitstuman represented Mack in securing the financing. “Cyrene appealed to a broad range of lenders because of its strong sponsorship, quality construction, superior location and high-end amenities,” Allen said. “It is a symbol of a new era on the Seattle waterfront.”

Cyrene delivered in 2017. The 16-story community’s upper floors have views of Elliott Bay, Puget Sound, Olympic Mountain and the city skyline but more of the lower floor units will obtain permanent views next fall when the adjacent Alaska Way viaduct is demolished.

Cyrene also has 3,866 square feet of ground-floor retail space, Allen noted.