SAN DIEGO – JLL announced today it has arranged $57.5 million in financing for Latitude 37, a two-phase, 172-unit luxury mid-rise apartment community in the Silicon Valley community of South San Jose, California.

JLL worked on behalf of the borrower to arrange the 10-year, fixed-rate non-recourse loan through a correspondent life company lender. Loan proceeds refinanced and consolidated the two existing construction and agency loans.

Latitude 37 is located on three acres at 1255 and 1277 Babb Court in the Willow Glen submarket of South San Jose, which provides connectivity to the Bay Area via nearby Highway 87. Phase I was completed in 2012 and Phase II was completed in 2018. Each phase encompasses 86 units featuring a mix of studio through three-bedroom units averaging 1,116 square feet. Community amenities include a fully equipped fitness center, a swimming pool and spa, outdoor lounge with grilling area, subterranean parking and electric car charging stations.

The JLL Capital Markets team representing the developer was led by Senior Managing Director Aldon Cole and Analyst Daniel Pinkus.