$52M Loan Goes Towards Mixed-Income Build
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SAN JOSE, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that US Bank and St. Anton Partners have closed on a $52-million loan to finance construction of a new mixed-income multifamily community at the corner of Raleigh Road and Charlotte Drive in San Jose, CA. It is one of the first apartment developments in the South San Jose area since 2004, according to a prepared statement.
“US Bank is committed to community lending and affordable housing development projects across the country,” says John Chan, senior vice president for US Bank community lending.
La Moraga Apartments, a 275-unit community, includes spacious one-, two- and three-bedroom units. The project is currently under construction and scheduled to be completed by mid-2014.
“The La Moraga development will provide versatile housing options to residents in the San Jose community,” adds Chan.
Amenities at La Moraga include a resort style pool and spa, fitness center with yoga room, icafe, media and billiards room, outdoor grill area, neighborhood park frontage with active and passive recreation areas.
St. Anton Partners has built, owns and manages more than 6,000 multifamily units in California. Recent developments include Highlands Point Apartments in San Ramon and The Ridge Apartments in Elk Grove. In addition to La Moraga, St. Anton Partners has begun construction on Alexander Crossing Apartments in Napa, Calif. and Granite City Apartments in Folsom, CA.
According to Peter Geremia, co-owner of St. Anton Partners, the firm will “continue to invest in mixed-income communities that need balanced housing and job ratios.”
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