Capital One has provided $178.3 million to a partnership between Anton DevCo and St. Anton Capital to refinance Anton Menlo, a multifamily property located in Menlo Park, Calif., the bank announced today.
The 10-year, fixed-rate, interest-only loan refinances $96 million in previous construction debt provided by U.S. Bank in August 2014, as per an announcement from the bank. The debt was closed through Fannie Mae’s Delegated Underwriting and Servicing program as a near-stabilization execution.
“As Menlo Park has emerged as a tech and entrepreneurial hub, population growth has outpaced residential housing supply,” Lisa Gutierrez, vice president for U.S. Bank’s commercial real estate group, said in a statement at the time the 2014 deal was announced. “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.”
Anton Menlo—located at 3639 Haven Avenue—is a four-story, 394-unit property located just a couple miles from Facebook’s headquarters in Menlo Park. Construction on the apartment building wrapped this year. Of the nearly 400 units within the development, 37 are affordable, with 22 being restricted to 50 percent of the area’s median income (AMI) and 15 available at 80 percent AMI.
According to a report from SFGate.com in 2013, Facebook partnered with the developers to design a range of onsite amenities, including a grab-and-go kitchen and cafe, a sports bar and lounge and a bike shop with a repair station.
“Menlo Park is a hub for top employers in the area and yet this property will also provide some needed relief in terms of affordability,” said Evan Williams, a senior vice president at Capital One Multifamily Finance. “In the end Fannie’s Near-Stabilization program was an excellent fit for this transaction, so we were happy to identify a solution that helped our clients meet their goals.”
Williams, with fellow Capital One Vice Presidents Kristen Croxton and Greg Reed originated the loan.
Designed by Irvine, Calif.-based architecture firm KTGY Group, Anton Menlo, which sits on a nearly 10-acre site, includes a resort-style pool, a rooftop sky lounge with barbeque and fire pits and a yoga and fitness studio, among many other offerings. The property’s website is currently marketing up to two months free rent for prospective tenants.
Current monthly rents at the development range from $3,000 for studios to $5,760 for three-bedroom units. The units range in size from 570 to just over 1,500 square feet, according to the property’s website.
Officials at St. Anton Capital and at Anton DevCo could not be reached.