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10/30/19
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Z&L Properties Inc has secured $330 mil in financing for the development of 188 West St. James, a two-tower, 640-unit luxury condominium project located in downtown San Jose. The project is currently under construction on a 1.94-acre site in the epicenter of the rapidly growing downtown San Jose submarket.
Due for completion in 2020, 188 West St. James is within a 15-minute drive of more than 10 msf of commercial space in development, which positions the project for continued demand. The amenity-rich neighborhood and nearby transit access will provide a true live-work-play experience for residents.
188 West St. James consists of 20- and 22-story towers encompassing nearly 629k sf of residential space, approximately 30k sf of ground-floor retail and more than 650 parking stalls. Units will include kitchens equipped with stainless steel Bosch appliance packages, custom quartz countertops and white oak cabinetry. Bathrooms will have custom floating vanities and porcelain tile flooring, and units will have hardwood flooring throughout the main living areas. Community amenities include an outdoor pool, spa, grilling area, fitness center, business conference center, pet wash and clubroom with catering kitchen.
Brandon Roth, Charles Halladay and Taylor Gimian with JLL arranged the five-year, floating-rate construction loan. It was funded through Mack Real Estate Credit Strategies.
188 West St. James benefits from one of the best locations in downtown San Jose, Roth said. The property is adjacent to San Pedro Square, as well as countless restaurants, coffee shops and bars. Residents will also enjoy being a quick 10-minute walk from SAP Center, which hosts 150 events every year.
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