Miramar Capital Secures $16.5MM Cash-Out Refi for 99,300 SQFT Santa Clara Office

Why this matters

Miramar Capital’s $16.5 million non-recourse refinance on a 99,300-square-foot Santa Clara office underscores persistent lender appetite for well-located office assets in key tech hubs, despite broader sector headwinds. The extensive lender outreach—over 100 institutions canvassed—reflects both the competitive nature of capital deployment and the cautious underwriting environment that prevails. That the deal was secured amid NVIDIA’s substantial acquisition activity nearby signals a nuanced market dynamic: institutional capital remains drawn to office properties benefiting from proximity to dominant tech tenants and innovation clusters, which can underpin occupancy and cash flow resilience. This transaction highlights how localized fundamentals continue to differentiate office assets in a market otherwise challenged by remote work trends and rising capital costs. Non-recourse structures further suggest lenders’ willingness to engage selectively, balancing risk with the potential for stable income streams tied to tech-driven demand. For allocators and capital markets professionals, the deal exemplifies how capital flows are increasingly targeted and conditional, privileging assets with strong locational advantages and tenant ecosystems that may insulate them from broader sector volatility.

Editorial analysis · AI-assisted

On the RET wire

• Disclosed office deal value tracked in August 2026: $17.1B across 72 reported transactions. All Office coverage →

Computed from Real Estate Trail’s own tracked coverage

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