U.S. Bank Completes $52 Million Construction Loan for One of the First Mixed-Income Multifamily Deve
U.S. Bank Completes $52 Million Construction Loan for One of the First Mixed-Income Multifamily Developments in South San Jose since 2004
SAN JOSE, Calif.--(BUSINESS WIRE)-- U.S. 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, Calif. It is one of the first apartment developments in the South San Jose area since 2004.
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. 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.
"U.S. Bank is committed to community lending and affordable housing development projects across the country," said John Chan, senior vice president for U.S. Bank Community Lending. "We are proud to partner with St. Anton Partners, a respected California developer. The La Moraga development will provide versatile housing options to residents in the San Jose community."
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, Calif.
"St. Anton Partners is committed to providing multifamily housing in the Silicon Valley," said Steve Eggert, co-owner of St. Anton Partners.
About St. Anton Partners
Since 1995, St. Anton Partners has organically grown into one of the leading privately held multi-family development and investment companies in California. St. Anton employs over 200 individuals, and has an institutional quality portfolio of Class A multifamily residential communities throughout California. As an integrated owner, developer, investor, general contractor and property management company, St. Anton has earned a reputation as one of the most efficient multifamily developers in the state.
About U.S. Bank Community Lending Division
U.S. Bank provides hundreds of millions of dollars of financing every year for the development of housing in communities all across the United States. U.S. Bank customers are both for-profit and non-profit developers who are bringing to life a full range of multi-family living for both individuals and families. Together with these partners, U.S. Bank is helping to address the shortage of housing that exists in nearly every state where we do business.
About U.S. Bank
U.S. Bank has 673 offices and 7,100 employees in California. U.S. Bancorp (NYS: USB) , with $352 billion in assets as of Sept. 30, 2012, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
Teri Charest, U.S. Bank Public Relations
(612) 303-0732, teri.charest@usbank.com
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