Jay Paul Secures Funding, Closes on Landbank's Apple Campus Site
In the last weeks of December, Jay Paul Co closed on buying Landbank's development site for an Apple campus in Sunnyvale for $177.5M.
The site is the planned location for a new 777k SF project, which Apple plans to lease under a 12.5-year term with extension options.
Manatt, Phelp & Phillips closed a $115M acquisition loan from Wells Fargo to help Jay Paul Co buy the site, according to GlobeSt. Manatt had previously represented Landbank in evaluating financing and in negotiating the lease with Apple. [SVBJ, GS]