{"id":329784,"date":"2026-05-23T21:49:26","date_gmt":"2026-05-23T21:49:26","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/329784\/"},"modified":"2026-05-23T21:49:26","modified_gmt":"2026-05-23T21:49:26","slug":"historic-bank-of-italy","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/329784\/","title":{"rendered":"Historic Bank of Italy"},"content":{"rendered":"<p>            <a href=\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/05\/Untitled-2-19.jpeg\" data-caption=\"\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"365\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/05\/Untitled-2-19.jpeg\" alt=\"Historic Bank of Italy\" title=\"Historic Bank of Italy\"\/><\/a><\/p>\n<p>Silicon Valley <a href=\"https:\/\/investor.pgecorp.com\/news-events\/press-releases\/press-release-details\/2025\/PGE-Begins-Energy-Infrastructure-Upgrades-to-Bring-San-Joses-Net-Zero-Community-to-Life\/default.aspx\" target=\"_blank\" rel=\"noopener nofollow\">Initiative Partnership<\/a> has secured $74.1 mil in financing for the conversion of the <a href=\"https:\/\/noehill.com\/sf\/landmarks\/nat1978000754.asp\" target=\"_blank\" rel=\"noopener nofollow\">historic Bank of Italy building<\/a> at 12 South 1st Street in downtown San Jose. The project involves transforming the 13-story historic office tower into a mixed-use residential and retail asset. Originally constructed in 1926, the property will be converted into approximately 126k sf of multifamily and commercial space, providing 109 market-rate residential units.<\/p>\n<p>Upon completion, the new development will feature a mix of studio, one- and two-bedroom residences, complemented by thoughtfully designed amenities, including a fitness center, a lounge and an outdoor terrace. The project will preserve key historic elements of the building, including its fa\u00e7ade and architectural detailing, while introducing modern, high-quality interior finishes and systems for future tenants.<\/p>\n<p>Located in the heart of downtown San Jose, the property benefits from strong underlying fundamentals driven by Silicon Valley\u2019s innovation economy, population growth and sustained demand for high-quality rental housing.<\/p>\n<p>Cushman &amp; Wakefield\u2019s Equity, Debt &amp; Structured Finance team, including Dave Karson, Chris Moyer, Alex Lapidus and Chris Meloni, arranged the financing on behalf of the borrowers. The financing was provided by Deutsche Bank.<\/p>\n<p>\u201cThis transaction highlights the growing momentum behind office-to-residential conversions as cities look for creative solutions to repurpose underutilized or underperforming commercial assets,\u201d said Karson, Executive Vice Chair at Cushman &amp; Wakefield. \u201cBacked 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.\u201d<\/p>\n<p><a class=\"gofollow\" data-track=\"MjQ1LDYsNjA=\" href=\"http:\/\/umadvisory.org\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2025\/12\/UMA-digi-ad-leaderboard.jpg\" title=\"UMAdvisory\" border=\"0px\"\/><\/a>        <\/p>\n","protected":false},"excerpt":{"rendered":"Silicon Valley Initiative Partnership has secured $74.1 mil in financing for the conversion of the historic Bank of&hellip;\n","protected":false},"author":2,"featured_media":329785,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[136875,45793,19690,76230,17746,100,50996,34344,88,95487,90,89],"class_list":["post-329784","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-cushman-wakefield","tag-deal-boom","tag-historic-building","tag-mixed-use","tag-multifamily","tag-news","tag-office-conversion","tag-redevelopment","tag-san-jose","tag-san-jose-california","tag-san-jose-headlines","tag-san-jose-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/329784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=329784"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/329784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/329785"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=329784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=329784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=329784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}