TMG Partners, KKR Secure $232MM County Loan at 3.8% for $271MM Skyport Plaza Overhaul in San Jose
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 166th San Francisco story tracked on the wire in October 2026. All San Francisco coverage →
- Disclosed capital deal value tracked in October 2026: $21.9B across 47 reported transactions.
Computed from Real Estate Trail’s own tracked coverage
Santa Clara County is acting as both landlord’s lender and tenant at a vacant former Qualcomm campus near San Jose’s airport. It is offering below-market financing to TMG Partners and KKR in exchange for a modernized…
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