Jay Paul Company, a real estate development firm based out of San Francisco
and U.S. Bank have closed a $284.7 million bridge loan for the final phase of the Moffett Towers construction project, a 1.03 million-square foot class-A office project in the growing community of Sunnyvale, California
. Other participating groups include JP Morgan, Chase Bank, Wells Fargo, and Bank of America.
In a statement, John West, senior vice president of commercial real estate at U.S. Bank, said that "Moffett Towers is in a location with a strong economy, backed by superior sponsorship from its developer, Jay Paul Company." He added that “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.”
The final phase of the project, which has already began, is expected to be completed by the Spring of 2013.