Updated Oct 30, 2026
TMG Partners And KKR Secure $232 Million Loan To Redevelop Skyport Plaza In San Jose
1700 Technology Drive
$232,000,000
Building Size
—
Asset Type
Mixed-use
Closing
Oct 27, 2026
About this deal
AI
The transaction involves a mixed-use asset located at 1650 & 1700 Technology Drive and 50 & 90 Skyport Drive in the San Jose market. The property, valued at $271 million, will undergo redevelopment through a secured loan arrangement.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $232,000,000
- Address: 1650 & 1700 Technology Drive; 50 & 90 Skyport Drive
- Market: San Jose, CA
- Landlord: Michael A. Covarrubias & Benjamin Kochalski - TMG Partners; Joseph Bae & Scott Nuttall - KKR
- Loan Interest Rate: 3.8%
- Lease Duration: 30 years
TMG Partners and KKR were responsible for securing the loan from Santa Clara County. In return for the below-market financing, the county will lease the modernized headquarters for three decades and maintain the option to purchase the property throughout the lease term.
On the Map
$232,000,000
Mixed-use
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Players
Tariff Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93