U.S. Bank and Jay Paul Co. have closed on a $284.7 million construction/bridge loan that will finance Moffett Towers Phase II, a 1.03-million-sq.-ft. class-A mid-rise office project in Sunnyvale, Calif.
“Moffett Towers is an A quality project in a location with a strong economy, backed by superior sponsorship from its developer, Jay Paul Company,” John West, senior vice president of commercial real estate at U.S. Bank, said in a statement. “The joining of Jay Paul Company with U.S. Bank Commercial Real Estate Group –San Francisco was a natural fit to successfully complete this financing.”
Construction on Moffett Towers Phase II is already underway and is scheduled to be completed in 2013.
Jay Paul Company was founded in San Francisco in 1975. Since its inception, the company has completed over 6 million sq. ft. of commercial development. Other significant developments include the 1.7-million-sq.-ft. Pacific Shores Center and the 715,000-sq.-ft. Technology Corners Campus, both located in Silicon Valley.
“U.S. Bank’s vision and creativity were instrumental in providing the necessary funding to allow the completion of the final phase of our Moffett Towers project,” said Matt Lituchy, chief investment officer for Jay Paul Company.
Participant banks in the deal included Bank of America, JP Morgan Chase and Wells Fargo.