Capital One has provided a $178.3 million Fannie Mae loan to refinance Anton Menlo. The 394-unit multifamily property is located in Menlo Park, Calif.
Capital One Multifamily Finance Senior Vice Presidents Even Williams, Kristen Croxton and Greg Reed closed the loan through Fannie Mae’s Near-Stabilization loan program. The 10-year loan carries a fixed rate and is interest-only for the full term. The project is co-sponsored by Anton DevCo and St. Anton Capital.
“Anton Menlo consists of three buildings, the first of which was delivered in the summer of 2017,” Williams told MHN. “The third building includes all the amenities and received full TCOs in May 2018. As a result, the lease up was really dictated the by the number of units available for lease and was slower than it would have been otherwise.
“Our Newport Beach team has a lot of experience in this market. We did a deep dive on the market rents, toured the property and knew the competing properties in the market. Through that analysis we were confident that as building A delivered more available units, leasing would accelerate. Doing the extra research helped get Fannie Mae on board for making an aggressive bid on the loan. In the end, the lease up accelerated over the summer, which validated our initial projections.”
Anton Menlo is located on a 9.7-acre site. Its apartments are distributed across four stories. Among its common-area amenities are a resort-style pool with lounge deck, rooftop sky lounge with barbecue and fire pit and yoga and fitness studios.
Anton Menlo offers 37 affordable units, with 22 reserved for residents at 50 percent of Area Median Income and 15 restricted to those earning 80 percent of AMI.
“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,” noted Williams, who focuses on affordable housing 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.”