Bayview PACE, a division of Bayview Commercial Mortgage Finance, LLC, closed a $30.2 million in C-PACE funding for The Moxy Menlo Park, a 163-key upper-midscale limited-service hotel at 3723 Haven Ave., Menlo Park, Calif., in Silicon Valley. Bayview Commercial Mortgage Finance also provided a $36.1 million construction loan, for a total of $66.3 million in project financing. JLL Capital Markets arranged the transaction.
JLL Capital Markets worked on behalf of the project sponsor, Menlo Park Hotel Group, LLC, which is a joint-venture entity including Nexera Capital and Titan Management, to secure the financing. Nexera Capital’s portfolio includes approximately $400 million in hospitality assets under management, including 17 completed hotels, and seven hotels in the pipeline. Titan Management specializes in operating upscale and select service hotels with a portfolio comprised of 11 Marriott and Hilton branded assets.
“We structured an innovative financing solution that combines C-PACE and traditional construction financing as a one-stop execution solution that tailors the funding to the project’s needs and provides efficiencies in the capital structure,” A.K Prabhakar, senior vice president of commercial originations for Bayview.
Upon completion, the 120,059-square-foot, Marriott-flagged, seven-story hotel will have upscale amenities including a market, a cafe, a speakeasy and Bar Moxy located on the hotel’s roof deck – the only rooftop bar located within walking distance to Meta Platform’s 30-building headquarters campus. The project also includes a two-story parking garage with 129 parking stalls.
Nexera, leading the development effort, anticipates opening The Moxy in January 2028. General contractor is VCC Construction, a national full-service construction firm headquartered in Little Rock, Ark. with regional offices in Irvine, Calif.
In addition to its location next to Meta headquarters and Snowflake’s new 773,000-square-foot Bay Area headquarters, the Moxy Menlo Park also has proximity to dozens of high-tech and venture capital firms as well as Stanford University, Levi’s Stadium and the Santa Clara and San Jose Convention Centers.