San Jose’s Bank of Italy Building Set for Residential Conversion
Cushman & Wakefield arranged $74.1 million in financing on behalf of the Silicon Valley Initiative Partnership for the conversion of the historic Bank of Italy building at 12 S. 1st St. in downtown San Jose. Deutsche Bank provided the financing.
The project will redevelop the 13-story office tower into a mixed-use residential and retail asset. Originally constructed in 1926, the property will be converted into approximately 126,000 square feet of multifamily and commercial space, providing 109 market-rate residential units. The redevelopment will preserve historic elements of the building while introducing contemporary interiors.
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. “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. “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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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout