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5/18/26
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Silicon Valley Initiative Partnership has secured $74.1 mil in financing for the conversion of the historic Bank of Italy building at 12 South 1st Street in downtown San Jose. The project involves transforming the 13-story historic office tower into a mixed-use residential and retail asset. Originally constructed in 1926, the property will be converted into approximately 126k sf of multifamily and commercial space, providing 109 market-rate residential units.
Upon completion, the new development will feature a mix of studio, one- and two-bedroom residences, complemented by thoughtfully designed amenities, including a fitness center, a lounge and an outdoor terrace. The project will preserve key historic elements of the building, including its façade and architectural detailing, while introducing modern, high-quality interior finishes and systems for future tenants.
Located in the heart of downtown San Jose, the property benefits from strong underlying fundamentals driven by Silicon Valley’s innovation economy, population growth and sustained demand for high-quality rental housing.
Cushman & Wakefield’s Equity, Debt & Structured Finance team, including Dave Karson, Chris Moyer, Alex Lapidus and Chris Meloni, arranged the financing on behalf of the borrowers. The financing was provided by Deutsche Bank.
“This transaction highlights the growing momentum behind office-to-residential conversions as cities look for creative solutions to repurpose underutilized or underperforming commercial assets,” said Karson, Executive Vice Chair at Cushman & Wakefield. “Backed by a world-class sponsorship group, the Bank of Italy conversion project attracted strong lender interest and demonstrates continued confidence in well-located, thoughtfully executed adaptive reuse opportunities.”
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