The Anton Menlo upscale apartment complex Facebook is planning to build with St. Anton Partners near the social network’s headquarters in Menlo Park, Calif., is one step closer to reality, as U.S. Bank and St. Anton Partners closed on a $96 million construction loan, the bank announced Wednesday.
The 630,000 square-foot, 394-unit complex is located less than two miles from Facebook’s campus, and its proposed amenities include:
- Convenience store.
- Sports bar.
- Bicycle repair shop with onsite storage.
- Pet spa with doggy day care, pet walking services, and a dog park.
- “Resort-inspired” pool, spa, and cabana area.
- Indoor/outdoor wellness, yoga, and training facility with personal training.
- Rooftop entertainment deck with three-themed areas.
U.S. Bank Commercial Real Estate vice president Lisa Gutierrez said in a release announcing the closing of the loan:
As Menlo Park has emerged as a tech and entrepreneurial hub, population growth has outpaced residential housing supply. 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 co-founder Peter Geremia added:
U.S. Bank is a tremendous partner, and its confidence in the Silicon Valley helps us create diverse housing options close to major employers.
And St. Anton Partners co-founder Steve Eggert said:
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.