Turning an existing building into a new type of property by renovating its structure and systems—for example converting an old factory into apartments or office space. For investors it matters because adaptive reuse can unlock value faster and often cheaper than building from scratch, qualify for tax or zoning incentives, and appeal to tenants who like character and sustainability, but it also carries risks from construction surprises and regulatory hurdles.
mixed-usetechnical
A mixed-use property combines multiple types of space—such as homes, shops, offices, and sometimes hotels or restaurants—within the same building or development, like a small neighborhood stacked together under one roof. For investors it matters because mixing uses can diversify income streams, boost foot traffic and demand, and spread risk across different tenant types, but also brings added complexity from zoning rules, management needs, and varied lease terms.
multifamilytechnical
Multifamily describes residential properties that contain multiple separate living units under one ownership, such as apartment buildings, duplexes, triplexes or condo complexes. Investors care because a single property can produce income from many tenants at once, smoothing cash flow much like a small rental fleet rather than one standalone house, and offering scale benefits, diversified tenant risk, and sensitivity to rental market trends that affect returns and asset value.
structured financefinancial
Structured finance is a way of turning a group of financial assets — like loans, mortgages, or receivables — into new investment products by pooling them together and slicing that pool into pieces with different levels of risk and return. For investors, it matters because these products can offer higher yields or tailored risk exposure than plain stocks or bonds, but they can also hide complexity and sensitivity to the underlying assets’ performance, so understanding what you own is key.
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NEW YORK--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK), a global real estate services firm, announced that it has arranged $74.1 million in financing on behalf of the Silicon Valley Initiative Partnership for the conversion of the historic Bank of Italy building at 12 South 1st Street in downtown San Jose, California. The financing was provided by Deutsche Bank.
The project involves the adaptive reuse of the iconic Bank of Italy building, transforming the 13-story historic office tower into a mixed-use residential and retail asset. Originally constructed in 1926, the property will be converted into approximately 126,000 square feet of multifamily and commercial space, providing 109 market-rate residential units.
Cushman & Wakefield’s Equity, Debt & Structured Finance team, including Dave Karson, Chris Moyer, Alex Lapidus and Chris Meloni, arranged the financing on behalf of the borrowers.
“This transaction highlights the growing momentum behind office-to-residential conversions as cities look for creative solutions to repurpose underutilized or underperforming commercial assets,” said Karson, Executive Vice Chair at Cushman & Wakefield. “Backed by a world-class sponsorship group, the Bank of Italy conversion project attracted strong lender interest and demonstrates continued confidence in well-located, thoughtfully executed adaptive reuse opportunities.”
Upon completion, the new development will feature a mix of studio, one- and two-bedroom residences, complemented by thoughtfully designed amenities, including a fitness center, a lounge and an outdoor terrace. The project will preserve key historic elements of the building, including its façade and architectural detailing, while introducing modern, high-quality interior finishes and systems for future tenants.
Located in the heart of downtown San Jose, the property benefits from strong underlying fundamentals driven by Silicon Valley’s innovation economy, population growth and sustained demand for high-quality rental housing.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.
