MENLO PARK, CA—U.S. Bank and St. Anton Partners have closed on a $96 million construction loan for the Anton Menlo Apartments. The 394-unit community, currently under construction and set to be completed in 2016, will provide much-needed housing in a jobs-rich Silicon Valley.
Located less than two miles from Facebook's headquarters campus, Anton Menlo is the first significant multifamily development in Menlo Park in more than 30 years. While planning the development, St. Anton Partners and the City of Menlo Park worked closely with the community and regional groups to create an extensive bicycle and pedestrian program for the neighborhood and surrounding employers.
“As Menlo Park has emerged as a tech and entrepreneurial hub, population growth has outpaced residential housing supply,” said Lisa Gutierrez, vice president for U.S. Bank Commercial Real Estate. “As such, we saw double-digit rent growth in the city last year. Given its size, Anton Menlo will help reduce upward pressure on rent prices while providing a blueprint for the type of housing that professionals in this region are seeking.”
St. Anton Partners worked with Facebook's team to include numerous on-site amenities at Anton Menlo, such as a convenience store, café, sports pub, bicycle repair shop, pet care, exercise facilities, indoor/outdoor recreational space, and more. The project's total development cost will be $120 million.
“U.S. Bank is a tremendous partner and their confidence in the Silicon Valley helps us create diverse housing options close to major employers,” said Peter Geremia, co-founder of St. Anton Partners.
“Anton Menlo is the largest and most amenitized multifamily project built in the small but important community of Menlo Park in over 30 years. I thank U.S. Bank for working with us to make this project a reality," said Steve Eggert, co-founder of St. Anton Partners
Founded in 1995, Sacramento-based St. Anton Partners is one of the leading privately held multi-family development and investment companies in California.
U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States.
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