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
