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U.S. Bank Closes on $284 Million Loan for Moffett Towers Phase II

SUNNYVALE, Calif., Apr 23, 2012 (BUSINESS WIRE) --U.S. Bank and Jay Paul Company announced today they have closed on a $284.7 million construction/bridge loan that will finance Moffett Towers Phase II, a 1,033,000 square-foot, Class A mid-rise office project in Sunnyvale, Calif.

The Moffett Towers Phase II construction/bridge loan is the largest financing of its kind so far this year outside of New York. U.S. Bank is the lead bank on the deal.

"Moffett Towers is an A quality project in a location with a strong economy, backed by superior sponsorship from its developer, Jay Paul Company," said John West, senior vice president of commercial real estate at U.S. Bank, "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 six million square feet of commercial development. Other significant developments include the 1.7 million square-foot. Pacific Shores Center and the 715,000 square-foot. 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.

About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, single and multi-family development, lines of credit, and syndications. With existing loan commitments of more than $25 billion and an employee base of 400 professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help American businesses grow.

About U.S. Bank
Minneapolis-based U.S. Bancorp ("USB"), with $341 billion in assets as of March 31, 2012, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,080 banking offices in 25 states and 5,061 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at usbank.com.

SOURCE: U.S. Bancorp

Nicole Garrison-Sprenger
U.S. Bank Public Relations
(612) 303- 0731, nicole.sprenger@usbank.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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